KENYA – BOC Kenya’s proposed takeover by Carbacid in collaboration with Aksaya Investments has been put on hold pending the hearing of an appeal at the Capital Markets Tribunal of Kenya.
In a cautionary announcement in the Kenyan local dailies, the Nairobi Securities Exchange listed gas manufacturer BOC Kenya Plc has informed its shareholders and the investing public that an appeal was filed by a shareholder at the Capital Markets Tribunal(CMT) on March 2nd, 2021, in respect of the takeover offer by Carbacid Investments Plc and Aksaya Investments LLP.
Section 35A (17) of the Capital Markets Act (CAP 485A Laws of Kenya) provides that upon any appeal to the Capital Markets Tribunal, the status quo of any other matter or activity related to the appeal shall remain until the appeal is determined.
“Carbacid Investments and Aksaya Investments had expressed interest in acquiring 100% ownership in BOC Kenya, a manufacturer and distributor of medical and industrial gases”
“Pending further guidance from the CMA and/or CMT, we wish to inform you that no further actions should be taken in relation to the activities set out in the transaction timetable provided in the takeover offer document forwarded to you on 19th February 2021,” said DLA Piper Africa and IKM Advocates- the firm’s legal advisers.
This includes the filing and return of acceptance forms.
Shareholders who have submitted their acceptance to date, are advised not to take any further action until further guidance.
In November 2020, Carbacid, a leading producer and marketer of CO2 gas in East Africa and Aksaya Investments expressed interest in acquiring 100% ownership in BOC Kenya, a manufacturer and distributor of medical and industrial gases.
Aksaya investments is owned by Baloobhai Patel, who, alongside his wife, own 40% stake in Carbacid Investments.
BOC is a subsidiary of the UK company previously referred to as British Oxygen Company.
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