The leading producer and supplier of industrial Carbon Dioxide gas in East Africa, Carbacid Investment plc, will hold its Annual General Meeting on 29th January 2021 through electronic media. The firms’ shareholders will discuss the proposed 100% acquisition of rival company BOC Kenya plc, among other resolutions.

Carbacid Investment plc and Aksaya Investments LLP intend to acquire all 19,525,446 shares in listed manufacturer BOC Kenya at a cost of KSh 1.24 Billion, equivalent to KSh63.50 per share. BOC’s shares last traded at KSh63 per share at the Nairobi Securities Exchange.

Carbacid is the top manufacturer and distributor of food grade and industrial Carbon Dioxide gas in the East African region. The company supplies the gas to medical facilities, beverage manufacturers, food processors and other facilities in the region. By acquiring BOC Kenya, Carbacid Investments seeks to grow its business and lock its position as the market leader in the supply of industrial gases in East Africa.

UK-based BOC Holdings which owns 65.4% stake in BOC Kenya accepted the takeover offer in November last year on the condition that the deal is finalized by 31 July 2021 or the agreement ceases to exist. BOC Kenya will continue to be listed on the Nairobi Securities Exchange according to a public notice issued by Carbacid Investments plc. However, in case the takeover offer achieves 75% or more acceptance rate from the owners of BOC Kenya, the co-offerors, Carbacid Investments and Aksaya Investments LLP, we evaluate the need to retain BOC Kenya on the Nairobi Securities Exchange.

The transaction is subject to shareholders’ approval and regulatory approval.