Dufil Prima merges with three firms to consolidate position in Africa
As part of efforts to consolidate its market position in Africa, Dufil Prima Foods Plc, makers of Indomie Instant Noodles, said it has completed a merger deal with three of its former subsidiaries.
The three subsidiaries include De United Foods Industries Limited, Northern Noodles Limited, and Pure Flour Mills Limited.
With the merger, three former subsidiaries have now been dissolved without winding up leaving Dufil Prima foods Plc as the surviving enlarged company.
The merger, according to the company, 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.
The regulatory authorities include the Securities and Exchange Commission, the Corporate Affairs Commission, and the Federal Board of Inland Revenue.
The company further said that the consent of creditors was duly obtained as well as that of the Federal Competition Commission and all other relevant stakeholders.
Adesh Jain, chief operating officer, Dufil Prima Foods Plc, said that following the receipt of all regulatory approvals, the union between Dufil Prima Foods Plc, De United Foods Industries Ltd, Northern Noodles Ltd, and Pure Flour Mills Ltd 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 products. This giant step will also consolidate our efforts in becoming one of the largest FMCG companies in Nigeria, and Africa by extension,” Jain said.
Jain further said 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 FMCG sector in all the markets it operates in.
“This is an attractive combination for stakeholders. 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,” Jain added.
Dufil Prima Foods Plc is the market leader in the noodles segment of the food and beverage industry with its Indomie Instant Noodles brand in Nigeria. The brand, which has become a household name in many homes, appeals to several demographic groups across Nigeria.