Capital markets regulator CMA grants BOC more time to assess takeover bid by Carbacid

KENYA – BOC Kenya, manufacturer of industrial, medical, and special gases has been granted an extension period by the Capital Markets Authority of Kenya to issue their shareholders with the Takeover offer Document and the Offeree Circular by Friday 5th February 2021, an extension from the proposed Monday 25th January 2021.

The firm through a press statement said the period will allow more time to the independent advisor who was appointed by the company to provide fairness of opinion to the shareholders.

“The additional days will also afford the board adequate time to consider the fairness opinion and issue our shareholders with the required recommendation under the regulations,” read the statement.

“The additional days will also afford the board adequate time to consider the fairness opinion and issue our shareholders with the required recommendation under the regulations”

This is after BOC Kenya was served with a takeover document on Wednesday 6 January 2021 that its board of directors immediately appointed an independent advisor to provide fairness of opinion to its shareholders.

BOC Kenya is in the process of being acquired by local investment firm Carbacid Investments Limited in collaboration with Aksaya Investments LLP at US$10.9 million.

BOC Holdings, holds 12,765,582 ordinary shares in BOC Kenya Plc, constituting 65.38 percent of the issued and fully paid-up share capital of the local company.

While BOC Kenya produces and supplies industrial, medical, and special gases, CIL’s main operating subsidiary Carbacid (CO2) Limited is the region’s leading producer of food-grade carbon dioxide extracted from natural underground reservoirs in Kenya.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.