BOC Gases Nigeria Plc – NAIRAMETRICS| COMPANY EARNINGS

BOC Gases Nigeria Plc rebrands, changes name to Industrial and Medical Gases Nigeria Plc.

22 October 202122 October 2021 Chidi Emenike Leave a comment

BOC Gases Nigeria Plc has announced a rebrand and change of its name to Industrial and Medical Gases Nigeria Plc. This follows the acquisition of a majority stake in the company by TY Holdings Limited, a company linked to former minister of defence and retired military general, Mr Theophilus Yakubu Danjuma.

Recall that TY Holdings Limited had recently acquired additional 249,746,823 ordinary shares of BOC Gases Nigeria Plc, translating to about 60% of the latter’s total shareholding. The deal is in addition to an already existing 12% stake already held by the former, thereby raising its total stake in BOC Gases Nigeria Plc to 72%. Prior to the deal, the majority stakes of BOC Gases Nigeria Plc were held by BOC Holdings UK (a member of the Linde Group).

Sequel to the conclusion of the deal, a change in the ownership structure of BOC Gases Nigeria Plc was approved to reflect the new reality. This resulted in the change of the Company’s logo and trademark. Consequently, the company obtained a new certificate of incorporation from the Corporate Affairs Commission.

The recent development was confirmed through a statement signed by the Managing Director of the Company, Ayodeji Oseni, and filed with the Nigerian Exchange Limited (NGX). The statement read: ‘’This is to notify Nigerian Exchange Limited, our shareholders and the investing public that BOC Gases Nigeria Plc (the Company) has changed its name to INDUSTRIAL AND MEDICAL GASES NIGERIA PLC.

‘’The change of name is sequel to the purchase of 60% of BOC Gases Nigeria Plc, which was formerly controlled by BOC Holdings UK (a member of the Linde Group) by TY Holdings Limited. This has also resulted in the change of the Company’s logo and trademark.

‘’The Company has obtained a new certificate of incorporation from the Corporate Affairs Commission.’’

BOC Gases Nigeria Plc announces resignation of two directors.

23 August 202123 August 2021 Chidi Emenike Leave a comment

BOC Gases Nigeria Plc has announced the resignation of two Independent Non-Executive Directors and representatives of BOC Holdings Uk, Messrs. Hendrik Mentz de Waal and Joseph Ramashala, from the company’s Board.

According to a notice signed by the Company Secretary, Mrs. Aderonke Segun-Alabi, and made available on the website of the Nigerian Exchange Limited (NGX), the resignation of the aforementioned individuals became effective from 10th of August, 2021.

It is also important to note that following their resignations, the duo ceased to be members of the Risk and Audit Committees of the Board.

Back story: Recall that TY Holdings Limited had recently acquired a majority stake in BOC Gases Nigeria Plc, following the purchase of an additional 249,746,823 ordinary shares in the latter. This move raised the total equity stake of TY Holdings Limited in the company to 72%.

Following the conclusion of the deal, the firm announced that there will be changes in the ownership structure of BOC Gases Nigeria Plc in a bid to reflect the new reality. In light of this, it is anticipated that some Board members especially those representing the defunct majority shareholder- BOC Holdings, UK, will have to give way for new directors to emerge.

Additionally, the firm thanked both directors for the outstanding efforts and contributions during their tenure as Independent Non-Executive Directors of the company, and wished them the greater success in their future endeavours.

BOC Gases Nigeria Plc closed trading today 23rd of August, 2021 with a share price of N11.10

DEAL: TY Holdings Acquires Majority Stake in BOC Gases Nigeria Plc.

17 August 202117 August 2021 Chidi Emenike Leave a comment

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.

BOC Gases Nigeria Plc reports profit after tax of N168.44 million in H1 2021.

22 July 202122 July 2021 Chidi Emenike Leave a comment

BOC Gases Nigeria Plc released its unaudited half-year results for the period ended 30th of June, 2021.

Revenue for the period was N1.77 billion. (+20% YoY)
Cost of sales for the period was N864.5 million. (+19% YoY)
Administrative expenses totalled N355.4 million. (+20% YoY)
An operating profit of N297.6 million was reported in the period.
Profit after tax for the period was N168.44 million.(+27% YoY)
Earnings per share of 40 kobo Vs 32 kobo YoY.

See link to results.

BOC Gases Nigeria Plc appoints Aderonke Segun-Alabi as Company Secretary.

8 July 20218 July 2021 Chidi Emenike Leave a comment

The board and management of BOC Gases Nigeria Plc, a leading industrial gases and engineering company, have notified the Nigerian Exchange Group Limited (NGX) of the appointment of Mrs. Aderonke Omowunmi Segun-Alabi as the new company secretary.

In a notice dated 8th July, 2021 and signed by the Finance Director, Adeshinai Alayaki, the company announced that the appointment of Mrs. Aderonke became effective from 28th of June, 2021 following the resignation of the erstwhile secretary, Mr. G.A Oriseh.

Assessing her qualities and commenting on the recent appointment, the firm noted that: ‘’ Aderonke is a consummate professional with strong work ethics and committed to continuous improvement. Endued with a rare mix of subtle but intensely focused ability, she is driven with an overall goal of aligning her intuition with organizational leadership, for the goal of achieving success.’’

Profile

Aderonke is a corporate legal practitioner with over two decades of experience that cuts across several areas. She is adept in Tactical Legal Advisory on Commercial Law, Corporate Law, Regulatory & Statutory Compliance, Client and Investors Advisory, Company Secretarial Services and Corporate Governance, Contract Management, among others.

In terms of education, Aderonke is an alumna of the Olabisi Onabanjo University where she obtained her LLB degree. She is currently pursuing her Master’s in Business Administration from University of Suffolk and her LLM from the University of East London; both in the United Kingdom. She is a member of the Nigerian Bar Association and an Associate Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).