BOC Kenya sale proposed acquisition by Carbacid Investments and Aksaya Investments has been pushed forward, the second time directors of the listed oxygen firm have pushed forward the timelines.
When trading ended at the Nairobi Securities Exchange(NSE) this Friday, BOC Kenya shares rose by KSh 2 to KSh 60.00 or 3.42% with a volume of 700 shares changing hands. Data from the NSE shows that the firm’s share price has been oscillating between a high of KSh 72 and a low of KSh 53 over the past 12 months.
In the latest public announcement, BOC Kenya has informed its shareholders and investors that the Takeover Offer Documents are still work in progress and will not be circulated as earlier planned for February 5th, 2021.
BOC Board latest statement
” This is to allow for consultations pertaining to certain issues that have arisen relating to the proposed transaction which will impact the takeover,” said DLA Piper Africa, IKM Advocates, the legal advisor to BOC Kenya.
An update from the firm’s legal team will be issued within the next two weeks.
Carbacid Investments has made an offer to acquire 100% shareholding in BOC Kenya for a sum of KSh 1.2 Billion.
Products and services
BOC Kenya Limited is a leading supplier of medical gases. Its clients include public and private hospitals, food processors, civil and mechanical engineering contractors, motor vehicle body builders, hotels and restaurants, the informal business sector as well as small and medium enterprises.
The firm’s product range includes bulk gases such as Oxygen, Nitrogen and liquefied petroleum gas (LPG), packaged (cylinder) gases and engineering services (Medical equipment, Construction of medical and other gas pipelines as well as Gas storage tanks.
In a reversed role, BOC made a similar offer to take over Carbacid, a deal that failed to take off due to regulatory minefields.