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Kenya

BOC Kenya granted extension period by CMA to review takeover deal

NAIROBI, Kenya, Jan 24- BOC Kenya has been granted an extension period by the Capital Markets Authority 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 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,” reads the statement.

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 Sh1.2 billion.

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.

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