The intended offer to acquire BOC Kenya Plc by listed Carbacid Investments Limited in collaboration with Aksaya Investments LLP has moved a stage further with the two entities fulfilling their legal obligation to serve on BOC an Offeror’s Statement. The statement issued by BOC Kenya indicates that CIL and Aksaya Investments LLP are confident of BOC Kenya’s business prospects and are seeking to acquire the firm as part of a long-term investment strategy. While BOC Kenya produces and supplies industrial, medical and special gases, CIL’s main operating subsidiary Carbacid (CO2) Limited produces food-grade carbon dioxide extracted from natural underground reservoirs in Kenya. Among other elements, the Offeror’s Statement also confirms that at the close of the takeover deal, the existing contractual and statutory employment rights of all BOC Kenya employees will continue to be in force per the law. CIL Chairperson Dennis Awori recently confirmed that BOC Kenya’s United Kingdom-based majority shareholder, BOC Holdings supports the intended offer and has issued an irrevocable undertaking to sell its 65.38 per cent stake in BOC Kenya.

Source: Standard Digital December 14, 2020 14:37 UTC