Dufil Prima Foods Plc has announced its merger with three of its
former subsidiaries; De United Foods Industries Limited, Northern
Noodles Limited and Pure Flour Mills Limited.
The three former subsidiaries have now been dissolved without winding
up, leaving Dufil Prima Foods Plc as the surviving enlarged company.
The 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.