Carbacid Investments, a company that manufactures carbon dioxide gas for industrial use has offered to buy out industrial and medical gases manufacturer BOC Kenya.
In its offering, Carbacid wants to buy BOC Kenya for Ksh1.2 billion, translating to a Ksh63.50 for each ordinary share.
“The combination of BOC’s product portfolio and services with Carbacid’s existing business is an excellent match that will position the enlarged group to become East and Central Africa region’s supplier of choice for industrial, medical & special gases and related equipment and services,” Carbacid stated in a notice on Thursday.
Carbacid is owned by Amarjeet Baloobhai and his husband Baloobhai Chbotabhai, who jointly hold hold 40.38 per cent of Carbacid.. Chbotabhai owns 99 percent shares in Aksaya Investments, which is also part of the deal.
BOC Kenya will have to cede its 5.8 percent shareholding in Carbacid, to allow the latter acquire 100 percent shareholding.
Carbacid will run a joint bid for BOC along side Aksaya Investments with Aksaya committing to reselling its stake to Carbacid in a six months window.
A conclusion will see BOC delisted from the Nairobi Securities Exchange (NSE).