The Capital Markets Authority Tribunal has dismissed businessman Ngugi Kiuna’s appeal challenging Carbacid Investments’ buyout of BOC Kenya, citing undervaluation and alleged disregard for the interests of minority shareholders.
Mr Kiuna, a former BOC Kenya chairman, challenged the takeover that was initiated in November 2020, arguing that Capital Markets Authority (CMA) erred in approving the buyout by ignoring the undervaluation of the target company, in which he holds an 11.2 percent stake.
