Carbacid Investments Plc, a listed investments firm, has notified its shareholders that the 52nd Annual General Meeting (AGM) will be held at the company’s ALN House Head offices virtually on 15th December 2023 at 9.00 am.
Carbacid Investments, whose main operating subsidiary Carbacid (CO2) Limited is the region’s leading producer of food-grade carbon dioxide.
- •Carbacid shareholders will conduct the ordinary business of receiving Directors’ reports and audited financial statements.
- •They’ll also declare a final dividend of KSh 1.70 per share.
- •Registration for the virtual AGM opens on December 5th, 2023, and will close on 14th December 2023 at 12.00 noon.
Carbacid shareholders will also vote to re-elect Mrs. Susan Muthune, Chairperson of the Board of Directors, who is seeking another term as well as RB Patel. The meeting will also seek to re-appoint Susan Muthune, M.K.R Shah, Eng. E.A Musebe and RB Patel to the Board Audit and Risk Committee.
Among the hottest issues at this year’s AGM is Carbacid’s stalled acquisition of BOC Kenya PLC which produces bulk and packaged gases, and offers engineering services.
- •The offer was first announced in November 2020, with Carbacid and Aksaya Investments, offering Kshs. 63.50 per share.
- •It was scheduled to be completed by 31 July, 2021 but has since stalled.
- •Aksaya Investments is owned by Baloobhai Chhotabhai Patel, who jointly also owns 40.38% of Carbacid.
In July, the Capital Markets Tribunal began hearing cases, which include Carbacid’s 2021 takeover of BOC Kenya. The takeover deal is being disputed by minority shareholder Ngugi Kiuna, who once served as BOC Kenya board chair, who argues that the deal undervalued the company.
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