Connect with us

Hi, what are you looking for?


BOC, Carbacid to resume trading

NAIROBI, Kenya, Nov 3 – The shares of both BOC Kenya and Carbacid Investment will resume trading on the Nairobi Stock Exchange (NSE) on Wednesday, November 4.

In a statement, NSE Chief Executive Officer Peter Mwangi said: “The stock market has received all the requisite approvals for the two companies from the Capital Markets Authority (CMA).”

The two industrial and domestic gas suppliers agreed mid October to withdraw from a long court battle over a takeover bid by BOC on Carbacid. They subsequently applied to the CMA and the NSE to reinstate their shares which were suspended from trading on the bourse four years ago.

Following the out of court settlement, industrial gas manufacturer BOC Kenya started the process of returning the share certificates it had taken from Carbacid Investment shareholders, a process that was meant to have been completed by the end of October.

"The return of share certificates to the shareholders is underway and would be completed by the end of this week," BOC Managing Director John Kariuki told reporters at the company’s offices in Nairobi last week.

Mr Kariuki observed that though the business transaction with Carbacid failed to go through the company was still committed to growth and would focus its money on regional expansion.

“We are focused on the growth agenda of the company and will continue looking at other viable investments to put in funds that we had put aside for the Carbacid transaction,” he held.

BOC Gases is a subsidiary of Germany\’s Linde AG while Carbacid is a Kenyan carbon dioxide manufacturer. Both companies were suspended from the Nairobi Stock Exchange in 2005 after CMA ruled against BOC\’s takeover bid.

BOC had wanted to acquire 10.6 million shares in Carbacid, which would have brought its shareholding to 94 percent.

Advertisement. Scroll to continue reading.

In May, Centum Investment announced the acquisition of a 22.6 percent stake in Carbacid.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...