Carbacid Investments Plc has seen a change in its ownership structure with majority shareholder Billionaire Baloobhai Chhotabhai Patel jointly with his wife Amarjeet Baloobhai Patel, increasing their stake to 127,172,592 shares at the end of 31st July 2021.
This is compared to 102,913,592 shares over a similar period in 2020.
According to the Carbacid Investments Plc Statement of Corporate Governance, the interests of the Patels in the listed firm now rises to 49.9% in 2021 or KSh 1.6 Billion from 40.38 a year earlier.
Carbacid Investments Plc top 10 shareholders as at 31st July 2021
B.C Patel is followed by BOC Kenya Plc with 5.83% shareholding, Miss T.I Friedman (4.42%), SCBK Nominees A/C KE004667(2.99%), Peter Kingori Mwangi (2.16%), One Globe Holdings Limited (1.69%), Brenda Clare Kampf (1.58%), Anju Mohanlal Shah (1.39%), Mayur Mohanlal Shah (1.39%) and Jinit Mohanlal Shah (1.37%).
These 10 individuals own 72.73% of Carbacid Investments while some 3,184 other shareholders altogether own the remaining 27.27%
B.C Patel, aged 82 and who is a non-executive director of Carbacid Group, has varied business experience and joined the Carbacid Investments Board in 2002. A majority shareholder in Carbacid, Baloo has extensive business interests in Kenya and also director of several other unlisted companies.
Carbacid Investments Plc has three subsidiaries with the main one being Carbacid(CO2) Limited-whose principal activity is mining, processing and marketing of natural carbon dioxide gas.
Goodison 29 Limited and Goodison 47 Limited, the two other subsidiaries, are investment companies.
In the financial year ended 31st July 2021, the Carbacid Group posted a pre-tax profit of KSh 540.3 Million compared to KSh 426.9 Million in 2020. The Group’s Net profit rose to KSh 415.1 Million in 2021 from Net earnings of KSh 324.7 Million in 2020, an increase of 28%. Turnover increased by 33% to KSh 906 million, the gross margins were maintained and net profit improved, resulting in an earnings per share-measure of profitability- of KSh 1.63 compared to KSh 1.27 in 2020.
The firm’s latest audited financial statements and the annual report also show that the regulatory and professional costs associated with the offer to acquire the shares of BOC Kenya Plc, amounting to KSh 37 Million have been expensed in the year.
“The Company made an offer to acquire the shares of BOC Kenya Plc. Two of its shareholders have filed an objection thereto before the Capital Markets Tribunal and the High Court respectively. As a result of the objections, the offer has been suspended by the Capital Markets Authority, pending the determination of the proceedings before the Capital Markets Tribunal,” said Amb Dennis Awori, Carbacid Group Board Chairman states in the firm’s latest annual report.
He said Carbacid has taken various steps to have the matters heard and determined so that a clear position can be established on the offer.
“We shall keep you informed on the developments as is appropriate,” said Awori.
Directors of the firm recommend a final dividend of KSh 0.70 per share and a special dividend of KSh 0.90 per share resulting in a total dividend of KSh 1.60 per share, compared to KSh 0.70 per share paid in 2020.
The total dividend payout will amount to KSh 407,763,176.00 compared to KSh 178,396,390.00 paid last year.
Carbacid and investment firm Aksaya have made a joint bid to acquire 100% of BOC Kenya for KSh 1.2 Billion, an offer that has turned into a legal minefield.