BOC Gases Nigeria PLC (NSE Ticker: BOCGAS) in corporate release earlier today notified the Nigerian Stock Exchange that the Company has been informed by BOC Holdings, of a purchase agreement for its stake in BOCGAS with TY Holdings Limited.
BOC Holdings UK holds 249,746,823 (two hundred and forty-nine million, seven hundred and forty-six thousand, eight hundred and twenty-three) ordinary shares of the Company which represents approximately 60% of the issued share capital in the Company.
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BOCGAS has been informed by BOC UK, that it has entered into a binding share purchase agreement dated 16 November 2020 with TY Holdings Limited for the purchase by TY Holdings Limited of;
- The entire shareholding BOC UK holds in BOC Nigeria and
- Certain claims owing by BOC Nigeria to BOC UK and certain other members of the Linde plc group.
The Proposed Transaction is currently at a preliminary stage and its consummation is subject to the requisite regulatory approvals being obtained from The NSE, the Nigerian Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission in accordance with the Share Purchase Agreement.
BOCGAS stated that further details will be communicated to the market upon relevant approvals being obtained from the regulators.
It advised Shareholders of BOC Nigeria are advised to exercise caution when dealing in the shares of BOC Nigeria until a further announcement is made.
BOC Gases Nigeria Plc, a public company quoted on the Nigerian Stock Exchange in 1979, was incorporated as a public limited liability company on 12 November 1959 under the name Industrial Gases (Nigeria) Limited.
The name was changed on 10 July 1961 to Industrial Gases Limited and thereafter to BOC Gases Nigeria Plc on 17 March 1997.
The company is a subsidiary of BOC Holdings Limited U.K, which holds 60%interest in the equity of BOC Gases Nigeria Plc. BOC Holdings Limited U.K is a subsidiary of Linde Plc United Kingdom, the ultimate holding company.
The Company’s registered office address is Plots 1-3, Block H, Oshodi Industrial Estate, Oshodi Lagos.
The Company engages in the manufacture of industrial and medical gases as well as the sale of special gases, welding and medical equipment.
By; Nnamdi M.