TY Holdings to take controlling stake in BOC Gas

Lagos-based TY Holdings said on Monday it would acquire 249,746,823 ordinary shares of BOC Gas Nigeria Plc through a share purchase agreement.

The deal will enable the BOC entity in the United Kingdom, which currently holds the shares equivalents to 60 percent of the share capital in the company, to divest its interest in the firm and transfer its controlling stake to TY Holdings.

In a notice to the Nigerian Stock Exchange (NSE) on Monday, BOC said TY Holdings would also acquire certain claims owned by the company and other members of the Linde plc group through the transaction.

READ ALSO: BOC Gases reports 39.6% plunge in full year profit despite increased revenue, declares N0.30 dividend

The deal will now proceed to the next phase where regulatory approval will be sought from the Securities and Exchange Commission (SEC), the NSE, and Federal Competition and Consumer Protection Commission (FCCPC).

On Friday, BOC Gas announced an 8.47 percent rise in revenue to N2.347 billion in its nine-month to September 2020 unaudited financial statements and a 47.8 percent growth in net profit.

Shares in the company closed on the NSE on Monday at N5.32 per share, up by 9.92 percent.

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