Carbacid Investments and Aksaya Investments have expressed interest in acquiring 100% ownership in BOC Kenya, a manufacturer and distributor of medical and industrial gases.
Carbacid Investments is a leading producer and marketer of CO2 gas in East Africa. The company, alongside Aksaya Investments, is seeking to acquire its rival firm BOC gases at a cost of KSh1.24 billion shillings, below BOC’s market value of KSh1.289 billion.
Aksaya investments is owned by Baloobhai Patel, who, alongside his wife, own 40% stake in Carbacid Investments.
The majority owner in BOC Kenya has accepted the take-over offer on certain terms and conditions, one being that the deal should be finalized by 31 July 2021 or the agreement ceases to exist.
Carbacid and Aksaya Investments take-over offer ” is also subject to there being no reduction of more than 15% in the net asset value of the company as at 31 December 2019,” according to the notice issued by BOC Kenya.
BOC is a subsidiary of the UK company previously referred to as British Oxygen Company.
The deal is subject to regulatory approval. If the takeover is successful, BOC Kenya will be the latest company to exit the Nairobi Securities Exchange after Kenol Kobil left in 2019 following the acquisition by rubis energy.