Kiuna Ngugi, a former chairman of BOC Kenya Plc, has quietly but steadily tightened his grip on the company just months after he successfully blocked a proposed takeover by Carbacid Investments Plc and Aksaya Investments LLP.
- •As of March 2025, he now owns 17.91% of the Nairobi-listed gases firm, from 5.25% of the company’s shareholding in 2018.
- •In late 2020, Carbacid and Aksaya launched a joint KSh 1.2 billion offer to acquire 100% of BOC Kenya at KSh 63.50 per share.
- •Ngugi—who was both a substantial shareholder and former board chair—opposed the deal and filed a case at the Capital Markets Tribunal saying the offer undervalued BOC Kenya.
He pointed to the company’s strong cash position, real estate holdings, and dominant market share in the medical and industrial gases space.
“The methodology employed in arriving at the proposed takeover offer price is inconsistent… the price does not take into account the net asset value of BOC,” his legal team stated in court.
After nearly four years of objections, delays, and shareholder pushback, the deal collapsed. In early 2025, Carbacid and Aksaya withdrew their offer, citing regulatory uncertainty and timing concerns.
Following the failed deal, Kiuna Ngugi ramped up his buying activity. In just 12 months, he increased his holding by 1,304,100 shares. His stake rose from 11.2% in March 2024 to 17.91% by March 2025.
This marks the largest single-year increase in his BOC Kenya ownership to date. It also signals a clear strategy to strengthen his influence and block any future buyout attempts.
Shareholding Journey:
In 2018, he held only 1,025,220 shares (5.25%). As of March 2025, his holding stands at 3,497,026 shares.
This represents:
- •A +241% increase in share volume
- •A +12.66 percentage point rise in ownership
- •Full consolidation as BOC Kenya’s second-largest shareholder
| Date | Shares Held | % Ownership |
|---|---|---|
| 06 Apr 2016 | 267,420 | 1.37% |
| 17 Apr 2018 | 1,025,220 | 5.25% |
| 31 Mar 2021 | 1,484,700 | 7.60% |
| 31 Mar 2024 | 2,192,926 | 11.20% |
| 31 Mar 2025 | 3,497,026 | 17.91% |
