BOC Kenya has published the Offeror’s Statement acknowledging the intention by Carbacid Investments Limited (CIL) in collaboration with Aksaya Investments LLP to acquire up to 100% of its ordinary shares.
This is in compliance with the Capital Markets Regulations governing takeovers and mergers for listed firms.
In the statement, BOC Kenya indicates that the offerors are confident of Its business prospects and the acquisition is part of the firm’s long-term investment strategy.
“The Offerors are aware that between the fiscal year 2015 and the fiscal year 2019, the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) of BOC has dropped by a Compounded Annual Growth Rate (CAGR) of 10.9% to Ksh 145 million from a high of Kes 230.3 million. The Offerors acknowledge the changes in the performance of the business; however they believe in the underlying long term prospects of BOC’s business and product offerings and therefore have confidence in making this offer,” the Offeror’s Statement explains.