Union Dicon Salt Plc Fails to Contact 40% Shareholder

Union Dicon Salt Plc announced that it has been unable to reach its 40% majority shareholder despite repeated efforts. The company disclosed this information in a public notice dated March 3, 2026, which was addressed to the Nigerian Exchange (NGX).

The notice indicated that the company aims to limit its holdings to 64,000,000 shares, representing 40% of its total issued share capital. Union Dicon Salt Plc stated that it has exhausted several attempts to contact its major shareholder without success.

The notice, signed by company secretary Alfr E. Jame, emphasized the need for urgent communication, especially given the significant ownership block represented by the 40% shareholder, which typically confers substantial influence over strategic decisions, board appointments, and shareholder resolutions.

Although the company did not indicate any immediate operational disruption, the disclosure underscores serious issues regarding compliance with regulatory obligations to disclose material information affecting shareholder interests. As of March 3, 2026, Union Dicon Salt's stock closed at N16.60 per share, having gained 141% year-to-date.