TY Holdings Limited, a firm linked to former minister of defence and retired military general, Mr Theophilus Yakubu Danjuma, has acquired a majority stake in BOC Gases Nigeria Plc.
In a notice made available on the website of the Nigerian Exchange Limited (NGX) today, TY Holdings purchased additional 249,746,823 ordinary shares in BOC Gases Nigeria Plc, translating to 60% of the entire shares in the company. Prior to the recent transaction, the majority stakes were held by BOC Holdings UK (a member of the Linde Group).
This purchase is in addition to the existing 12% shares of the Company owned by TY Holdings Limited prior to this transaction, bringing the ownership of TY Holdings Limited in BOC Gases Nigeria Plc to 72%.
Sequel to the conclusion of the deal, a change in the ownership structure of BOC Gases Nigeria Plc has been approved to reflect the new reality, effective from the 13th day of August, 2021. To this end, BOC Gases Nigeria Plc assured its esteemed shareholders and the public that the company will make sure that it sustains the reputation and standing it has built for over the last 62 years.
Back story: Recall that in November last year, BOC Holdings UK (a majority shareholder) had announced a proposed divestment of its controlling equity interest in BOC Gases Nigeria Plc. The move would see the major shareholder sell off its interest of about 249,746,823 ordinary shares, translating to 60% of the latter’s total shareholdings.
In light of this, the firm announced that it has entered into a binding share purchase agreement with TY Holdings Limited on November 16, 2020.
What you should know:
- TY Holdings Ltd is a Private Limited Company established in 1989 and based in Lagos, Nigeria. The organization operates as a holding companies sector with 5 branches, subsidiaries and associated companies.
- BOC Gases Nigeria is a renowned manufacturer and distributor of industrial, special and medical gases, welding and medical equipment. The firm currently have a total shares outstanding of 416,244,706 units with a market capitalization of about N3.83 billion. It closed trading today 17th of August, 2021 with a share price of N9.20.