TY Danjuma to Acquire Controlling Stake in BOC Gases

November 16, 2020
TY Holdings Limited

By Dipo Olowookere

One of the wealthiest men in Africa, Mr Theophilus Yakubu Danjuma, is planning to acquire the major stake in BOC Gases Nigeria Plc.

Mr Danjuma, a former military general, Chief of Army Staff and Minister of Defence in Nigeria, intends to buy the 60 per cent stake of BOC Holdings UK in the Nigerian firm, through one of his companies, TY Holdings Limited.

Established in 1989, TY Holdings Ltd is a Private Limited Company based in Lagos, with five branches, subsidiaries and associated companies.

BOC Holdings has a total of 249,746,823 shares of the company’s total issued share capital of 416,244,706 shares and a market value of N2.214 billion.

BOC Gases, in a notification to the investing public through the Nigerian Stock Exchange (NSE) on Monday, said TY Holdings and BOC Holdings have already commenced talks on the deal.

“BOC Gases has been informed by BOC Holdings that [it] has entered into a binding share purchase agreement dated November 16, 2020, with TY Holdings Limited for the purchase of (i) the entire shareholding BOC UK in BOC Nigeria and (ii) certain claims owing by BOC Nigeria to BOC UK and certain other members of the Linde Plc group,” the disclosure noted.

The firm said further that it understands the deal is “currently at a preliminary stage and its consummation is subject to the requisite regulatory approvals being obtained from the NSE, the Securities and Exchange Commission (SEC) and the Federal Competition and Consumer Protection Commission in accordance with the share purchase agreement.”

Concluding, the company promised to announce further details “to the market upon relevant approvals being obtained from the regulators,” advising “shareholders of BOC Nigeria to exercise caution” when dealing in its the shares at the stock market.

BOC Gases Nigeria is engaged in the manufacture of industrial and medical gases and the sale of special gases, welding and medical equipment with a network of distributors and agents across the country.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

WorldRemit Entrepreneurs Program
Previous Story

WorldRemit Launches Scheme for African Entrepreneurs

closed period
Next Story

For 5th Year, NSE Retains ISO 27001:2013 Certification

Latest from Economy

Don't Miss