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Kenya

BOC takeover paused pending the hearing of an appeal

NAIROBI, Kenya, Mar 22- The takeover of BOC Kenya by Carbacid Investments and Aksaya Investment Limited has been put on hold pending the hearing of an appeal at the Capital Markets Tribunal.

In a cautionary notice to its shareholders, BOC said that further discussions on the takeover will not proceed because of the appeal that was filed in early March.

“BOC Kenya wishes to inform shareholders and the investing public that an appeal was filed by a shareholder at the Capital Markets Tribunal on 2 March 2021 in respect of the takeover offer by Carbacid Investments Plc and Aksaya Investments LLP,” reads the statement.

“Section 35(17) of the Capital Markets Act (CAP. 458A Laws of Kenya) provides that upon any appeal to the CMT, the status quo of any matter or activity, which is the subject of the appeal, shall be maintained until the appeal is determined,” it added.

The tribunal has also halted the filling and return of acceptance forms, where also shareholders who have submitted their acceptance forms to date not take any action until further guidance is provided.

BOC Kenya further warned its shareholders to trade with caution in the meantime.

The firm is a supplier of industrial, medical, and special gases while Carbacid makes food-grade carbon dioxide used in fizzy drinks.

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