Carbacid Investments PLC on Friday received 90.3% shareholders’ approvals to acquire BOC Kenya at its 49th annual general meeting of the shareholders (AGM).
With the approval, together with Aksaya Investments LLP they are set to acquire all 19,525,446 shares in listed manufacturer BOC Kenya at a cost of KSh 1.24 Billion, equivalent to KSh 63.50 per share.
As they ratified the Offer, shareholders tasked the Board of Directors of CIL to all use reasonable efforts to complete the acquisition as soon as is possible.
“This acquisition is part of our diversification strategy and the combination of BOC’s product portfolio and services with our business is an excellent match that will position us to become a leading regional supplier of choice for industrial, medical and special gases and related equipment and services,” CIL Chairman Amb. Dennis Awori said during the virtual AGM.
The proposed acquisition is subject to regulatory approvals and is part of CIL’s diversification and growth plan.
Shareholders also approved the recommendation by the Board of Directors of a final dividend of KShs. 0.70 per ordinary share making a total dividend payout of KShs 178 million in respect of the financial year ended 31 July 2020.
The final dividend of KShs 0.70 will be paid on or before 5 February 2021 to shareholders on the register of CIL as at close of business on 9 January 2021.