The recently announced Sh1.2 Billion takeover offer of
Carbacid Investments Limited Chairperson
"As a wholly-owned local entity, BOC, will benefit from swifter Board and Shareholder attention that is necessary to kick start its growth and promote capital investments and more effective corporate decision making," said Awori.
"The bid underlines the commitment of local investors in expanding manufacturing capacity," he added.
According to Awori, the transaction team is now set to advance the non-conditional offer closure subject to regulatory conditions.
Currently, CIL serves a particular section of the market through its main operating subsidiary
Awori emphasized that Carbacid is not involved in the manufacture or sale of oxygen, BOC's main product, and the proposed acquisition is a diversification strategy as opposed to one that will increase market share in any product.
"As a truly Kenyan investment vehicle, CIL's offer to
At the recently concluded AGM of CIL, over 90percent of CIL shareholders present voted in favour of CIL completing the takeover of BOC, emphasizing the overwhelming support by CIL's shareholders for the takeover of BOC.
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