Carbacid Investments to Seek Shareholders’ Nod on Takeover by BOC

Carbacid Investments plc will seek shareholder approval to acquire all 19,525,446 shares in listed manufacturer BOC Kenya.

Carbacid Investments plc, leading producer and supplier of industrial Carbon Dioxide gas in East Africa, said it will seek shareholder approval to acquire all 19,525,446 shares in listed manufacturer BOC Kenya.

This is at a cost of KSh 1.24 Billion, equivalent to KSh 63.50 per share.

In a statement to shareholders, the firm says the ordinary resolution of its intention to acquire 100% of BOC Kenya Plc shares together with Aksaya Investments LLP, “…be approved and ratified and the directors of the company b authorised to perform the company’s obligations in relation to completing the offer.”

BOC Kenya is a leading supplier of industrial, medical, and special gases in Kenya, Tanzania, and Uganda.

Carbacid Investments said the acquisition is part of its long term investment strategy across the region.

BOC Holdings which owns 65.4% stake in BOC Kenya accepted the takeover offer in November last year on the condition that the deal is concluded by 31 July 2021 or the agreement ceases to exist.

Other resolutions that the shareholders will deliberate on during the Annual General Meeting to be held January 29 include: the declaration of a final dividend of Ksh 0.70 per share, approval of the Director’s Remuneration Policy and the Director’s Remuneration Report for the FY ended 31 July 2020; to elect directors, appoint its Audit and Risk Committee and appointment of RSM Eastern Africa as Auditors of the company.