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Carbacid unsure on Sh1.2bn buy of BOC Kenya
Carbacid is a major producer of carbon dioxide, which is used to carbonate soft drinks, wine and beer and in solid form as dry ice in the refrigeration of foodstuffs like ice cream and meat products.
Uncertainty has hit the bid by Carbacid Investments to acquire fellow listed gas maker BOC Kenya even after the Capital Markets Tribunal struck out a petition opposing the protracted deal.
Carbacid has told its shareholders that its board is now carrying out an internal review to determine the fate of the deal, which was initiated in November 2020 before being held up by the petition by former BOC Kenya chairman Ngugi Kiuna, who argued that minority shareholders were disadvantaged by an undervaluation of the company.
