Theophilus Danjuma has acquired BOC Gases Nigeria Plc, manufacturers of industrial and medical gases, amid rising debt to the company’s trade creditors.
Ripples Nigeria had reported in November 2020, that Danjuma was planning a takeover move in the company which he had 12 percent stake in.
Nine months ago, the two parties were waiting on regulatory approval from the Securities and Exchange Commission (SEC) the Nigerian Exchange, and Federal Competition and Consumer Protection Commission (FCCPC).
In a recent NGX filing, BOC Gases informed the investing public that Danjuma’s stake in it is now 72 percent, as the businessman acquired extra 249,746,823 ordinary shares in BOC Gases Nigeria Plc.
This share is owned by BOC Holdings UK (a member of the Linde Group), and it is equivalent of 60 percent, a controlling stake held by the UK group.
The completion of the deal gives TY Danjuma the ownership of BOC Gases Nigeria Plc, effective August 13, 2021, and also hands him the liabilities of the company.
Ripples Nigeria gathered that the current liabilities of BOC Gases has risen to N2.82 billion in H1 2021, against the N2.53 billion between January to June 2020.
Findings showed the BOC Gases debt to trade creditors, other creditors and accruals rose to N1.27 billion in the First-Half of this year, in contrast to the N1.04 billion in H1 2020.
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