By InvestAdvocate

Lagos (INVESTADVOCATE)-Salt makers, Union DICO Salt Plc has announced the listing of 41 million new shares of the company; coming on the heels of a strategic agreement with CBO Capital, as a core investor in Union DICON, the company said in a notice to the Nigerian Stock Exchange (NSE).

According to the salt manufacturer, in November 2013, following the approval by the board of Directors, and an Annual General Meeting (AGM), Union DICON approved in two (2) phases, CBO Capital would acquire 41 million of its shares and following completion of this, an additional 240 million in order to recapitalise the company.

The board of directors of Union DICON agreed to CBO’s turnaround and repositioning plan to redefine its business operations for increased competitiveness, and a strategic entry into the Agricultural sector.

“This will see the company harnessing opportunities for profitability along the agribusiness value chain that involves cultivation and ownership of assets and resources, and processing and packaging,” Union DICON added.

According to the salt maker, within the first year of the company’s turnaround, it has begun making investments in projects along the agricultural sector value chain. “The company is on the way to achieving its goal by becoming a streamlined and efficient holding company for several agriculture businesses, and fully integrated food production/ processing opportunities,” Union DICON affirmed.