Carbacid Investments Plc and Aksaya Investments Plc are set to acquire 100% of BOC Kenya at a price of Ksh 63.50 per share.
In a statement issued Thursday, BOC Holdings said it holds 65.38 percent of the ordinary shares of BOC Kenya has issued an irrevocable undertaking to the offers to accept the offer on certain terms and conditions including a long stop date of 31 July 2021.
“The offer is also subject to there being no reduction of more than 15 percent in the net asset value of the Company as at 31 December 2019,” BOC Kenya said.
The proposed transaction is subject to regulatory approval from the Capital Markets Authority and the Competition Authority of Kenya.
BOC Kenya is a leading supplier of industrial, medical, and special gases in Kenya, Tanzania, and Uganda.
The Company’s core products are Oxygen, Nitrogen and Dissolved Acetylene (DA). Oxygen and nitrogen are sold either in liquid form or are packaged into cylinders. Gas sales in liquid form comprise medical oxygen sold to hospitals that have installed medical pipelines in their wards and other patient care areas, oxygen and nitrogen to industrial customers.
Carbacid is listed on the Nairobi Securities Exchange and holds companies involved in mining, processing, and marketing of natural carbon dioxide gas.
Aksaya is an investment vehicle owned by Ballobhai Chhotabhai Patel jointly with his wife Amarjeet Baloobhai Patel, hold 40.38 % of Carbacid.
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