Union Dicon Salt Plc says it’s unable to reach its 40% majority shareholder

Union Dicon Salt Plc has said that it has been unable to establish contact with its 40% majority shareholder, Aims Limited, despite repeated efforts.

This was disclosed in a public notice dated March 3, 2026, addressed to the Nigerian Exchange Limited (NGX), shareholders, and the investing public.

The company revealed that Aims Limited holds 64,000,000 shares out of its total issued share capital, representing 40% of the company, saying the disclosure filed with the NGX on Wednesday, March 4, 2026, was made in line with regulatory requirements.

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What Union Dicon Salt is saying

Union Dicon Salt Plc said it has exhausted several efforts to reach its majority shareholder without success. The company noted that the public notice serves as a formal channel to request urgent communication from Aims Limited.

• “That Union Dicon has been unable to communicate or reach Aims Limited for a period of time despite several efforts made to reach out to Aims Limited.”
• “That the Company is using this medium to request that Aims Limited should contact Union Dicon immediately via its physical address at Kirikiri Lighter Terminal, Kirikiri Phase 2, Apapa, Lagos.”

The notice, signed by Company Secretary Alfred E. James, did not disclose the duration of the communication gap but indicated that multiple attempts had been made before resorting to a public announcement.

More insights

A 40% shareholding represents a significant ownership block in a publicly listed company. Such a stake typically confers substantial influence over strategic decisions, board appointments, and shareholder resolutions.

• The inability to communicate with a shareholder holding 64,000,000 shares raises concerns around corporate governance and shareholder engagement.
• It may affect voting dynamics at annual general meetings or other corporate actions that require shareholder approval.
• The situation could create uncertainty regarding alignment on key business decisions, particularly where major resolutions are concerned.

Although the company did not indicate any immediate operational disruption, the disclosure underscores the seriousness of the issue and its potential implications for governance and oversight.

**Regulatory compliance and transparency **

By invoking Rule 17.5 of the 2015 Issuers’ Rulebook of the Exchange, Union Dicon appears to be complying with its obligation to disclose material information that could affect shareholder interests. Public companies are required to maintain open communication with significant shareholders, especially those with substantial voting power.

• Rule 17.5 mandates prompt disclosure of material information to the market.
• The announcement serves as formal documentation of the company’s attempts to re-establish contact.
• It also demonstrates an effort to protect minority shareholder interests through transparency.

The public notice signals the company’s intention to remain accountable to regulators and investors while addressing the communication gap.

What you should know

Union Dicon Salt closed at N16.60 per share on Tuesday, March 3, 2026, on the NGX. The stock began the year at N6.90 and has since gained 141% year-to-date, ranking it 10th on the NGX in terms of performance.

Over the past four weeks alone, the stock has gained 68%, making it the sixth best performer on the NGX.