These three former subsidiaries have now
been dissolved without winding up, leaving Dufil Prima Foods Plc as the
surviving enlarged company.
This merger was achieved by a Scheme of
Arrangement unanimously approved by the shareholders of each company and sanctioned
by the Federal High Court and all appropriate regulatory authorities.
These regulatory authorities include but
are not limited to; the Securities and Exchange Commission (SEC), the Corporate
Affairs Commission (CAC) and the Federal Board of Inland Revenue. The Consent
of Creditors was also duly obtained and the Federal Competition Commission and
all other relevant Stakeholders duly notified.
The merger guarantees that Dufil Prima
Foods as the surviving and enlarged company shall be a stronger and more
dependable manufacturing company that has the critical mass, product line
diversity, structure and market intelligence to compete in the same market as
other big manufacturing companies.
This, the company said, is an attractive
combination for stakeholders as customers will benefit from its wider and
better-integrated array of products and services; employees will enjoy the
advantages and opportunities of being a part of a larger, stronger company; and
shareholders will have the opportunity to continue to participate in the
success of a bigger enterprise.
The chief operating officer, Dufil Prima
Foods, Adesh Jain, said: “following receipt of all regulatory approvals, the
union between Dufil Prima Foods, De United Foods Industries, Northern Noodles
and Pure Flour Mills took effect from the 1st of June 2022 as stipulated in the
Scheme of Arrangement.
“This is a huge step towards consolidating
our status as Africa’s largest pasta and instant noodle manufacturer. The
merger will benefit our numerous consumers as more resources will be committed
to Dufil Prima Foods Plc with the goal of providing superior quality of
products. This giant step will also consolidate our efforts in becoming one of
the largest FMCG companies in Nigeria, and Africa by extension.”
Jain further stated that the overall
outcome will be a more stable company with an extremely strong capital base
that will position Dufil Prima Foods as a major player in the FMCG sector in
all the markets it operates in.
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