Dufil Prima Foods Plc, makers of Indomie Instant Noodles’ has announced the completion of a merger with three of its former subsidiaries, De United Foods Industries Limited (De United), Northern Noodles Limited (NNL) and Pure Flour Mills Limited (PFM).
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 including the Securities and Exchange Commission, the Corporate Affairs Commission and the Federal Board of Inland Revenue among others.
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Consent of Creditors was also duly obtained and the Federal Competition Commission and all other relevant Stakeholders duly notified as the merger guarantees that Dufil Prima Foods Plc 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.
According to the Chief Operating Officer, Dufil Prima Foods Plc, Adesh Jain, the union between Dufil Prima Foods Plc, De United Foods Industries Ltd, Northern Noodles Ltd and Pure Flour Mills Ltd took effect from June 1, 2022 following receipt of all regulatory aapprovals as stipulated in the Scheme of Arrangement.
The merger, he said, will benefit the company’s numerous consumers as more resources will be committed to Dufil Prima Foods Plc with the goal of providing superior quality of products. He also noted that the giant step will consolidate efforts towards becoming one of the largest FMCG companies in Nigeria, and Africa by extension.
“This is a huge step towards consolidating our status as Africa’s largest pasta and instant noodle manufacturer. This is an attractive combination for stakeholders as customers will benefit from our 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,”
Mr. 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 Plc as a major player in the Fast Moving Consumer Goods (FMCG) sector in all the markets it operates in