By Donald Kogai
Carbacid Investments PLC’s (CIL) shareholders approved the acquisition
of up to 100% of the shareholding of BOC Kenya Plc (BOC) pursuant to
the offer that was announced in November 2020. The proposal was voted
upon and approved at CIL’s 49th annual general meeting of the
shareholders (AGM).
On 25th November 2020, CIL and Aksaya Investment LLP as Co-Offerors
notified BOC of their intention to make a joint takeover offer to
acquire up to 100% of the shares of BOC, being 19,525,446 ordinary
shares with a par value of KSh 5.00 for a cash consideration of KSh
63.50 per share (Offer).
The proposed acquisition, valued at just over Ksh 1.2 billion, is
subject to regulatory approvals and is part of CIL’s diversification
and growth plan.
With a shareholder base of more than 3000 investors, delegates
attending the AGM overwhelmingly voted (90.3%) in favour of the
proposed acquisition.
The shareholders asked various questions about the Offer made to
acquire the shares of BOC and the rationale for the acquisition. The
Chairman outlined the commercial rationale for making the offer and
advantages to CIL of expanding its business portfolio through the
proposed acquisition noting the fact that BOC and CIL have distinctly
different business lines and customer bases.
As they ratified the Offer, shareholders tasked the Board of Directors
of CIL to all use reasonable efforts to complete the acquisition as
soon as is possible.
“This acquisition is part of our diversification strategy and the
combination of BOC’s product portfolio and services with our business
is an excellent match that will position us to become a leading
regional supplier of choice for industrial, medical and special gases
and related equipment and services,” CIL Chairman Amb. Dennis Awori
said during the AGM.
While BOC produces and supplies industrial, medical and special gases,
CIL’s main operating subsidiary Carbacid (CO2) Limited is the region’s
leading producer of natural food-grade carbon dioxide extracted from
natural underground reservoirs in Kenya. The two businesses will
complement each other to provide a full range of gases and services in
the region.
The Co-Offerors have already secured an irrevocable undertaking from
BOC’s single largest shareholder, United Kingdom based BOC Holdings,
(which holds 12,765,582 ordinary shares in BOC, constituting 65.38% of
the issued and fully paid-up share capital of BOC) to sell the BOC
Holdings shares to the Co-Offerors.
During the AGM, CIL’s shareholders also approved the recommendation by
the Board of Directors of a final dividend of KShs. 0.70 per ordinary
share making a total dividend payout of KShs 178 million in respect of
the financial year ended 31 July 2020. The shareholders noted CIL’s
strong performance underpinned by robust risk management, effective
compliance and sound governance framework amidst a tough environment
occasioned by the COVID-19 pandemic.
The final dividend of KShs 0.70 will be paid on or before 5 February
2021 to shareholders on the register of CIL.
The AGM was held virtually due to the restrictions on public gatherings
issued by the Government of Kenya to limit the spread of COVID-19.
Shareholders were able to electronically register, access information
pertaining to the 2020 Integrated Annual Report, vote, ask questions
and seek clarifications.
The CIL Board of Directors assured shareholders that the company’s
future outlook remains very positive, driven by strong investor
confidence and the proposed acquisition of BOC.
CARBACID INVESTMENT SHAREHOLDERS APPROVE THE PROPOSED ACQUISITION
http://old.remain.co.kr/bbs/board.php?bo_table=portfolio
CARBACID INVESTMENT SHAREHOLDERS APPROVE THE PROPOSED ACQUISITION
https://pristor.ru/tag/veshenki/