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Carbacid-BOC deal hampered by tribunal vacancies
BOC worker prepare cylinders for refills at their industrial area plant. The company supplies Medical, welding and cooking gas to clients in the country and within East Africa. PHOTO | FREDRICK ONYANGO | NMG
Vacancies at the Capital Markets Tribunal have made it unable to hear a case seeking to stop the proposed acquisition of BOC Kenya #ticker:BOC by Carbacid Investments, leaving the transaction in limbo.
The deal was announced in November 2020 and was challenged at the tribunal in March last year by BOC’s minority shareholder Ngugi Kiuna who argues that Carbacid undervalued the target company with its offer of Sh1.2 billion or Sh63.5 per share.
