Industrial gases and welding firm BOC Kenya newly appointed managing director Ms Maria Msiska faces the challenge of growing a company that has huge cash reserves looking for viable projects.
Ms Msiska who was appointed yesterday joins the company at a time when it’s still smarting from failure to acquire carbon dioxide manufacturer Carbacid, holds more than Sh1.3 billion in reserves and posted a drop in profits for the third consecutive year.
The setbacks at the company has seen its share at the Nairobi bourse tumble eight per cent compared to six months ago as other stocks record a marginal rise in prices.
The firm is banking on Ms Msiska’s experience in gas industry to ride the company out of its holdups.
“Ms Msiska has extensive experience in the industrial gases sector and brings to our company a wealth of knowledge that we consider vital to the future expansion of our business in East Africa,” said BOC Kenya chairman Mr Joseph Gilbert Kibe, while announcing the new appointment.
Mr Kennedy Jaccojwang has been acting managing director following the exit of Mr John Kariuki early this year.
Served on boards
Ms Msiska was recently head of finance for South African-based African Oxygen Limited’s (Afrox) sub-Saharan operations and was previously managing director of gas and welding industry firms Afrox Zambia and Afrox Malawi.
She also served on the boards of Standard Bank and Old Mutual in Malawi.
On her appointment, Ms Msiska said BOC Kenya’s underlying business remains strong.
“I consider we are well-placed to strengthen our product service offering to customers and reverse the company’s recent setbacks,” she said, adding that there was a lot to achieve to ensure BOC Kenya realises its plans to grow.
In a previous interview, the company’s former MD Mr Kariuki said BOC plans to invest part of its money in improving its production processes as positions itself to foray the carbon dioxide market.
Ms Msiska has wide management experience in South Africa, Malawi and Zambia including training in sales, safety, health, environment and quality.
She has undertaken leadership development training and management programmes.
She also has experience in policy making while serving on Afrox boards within its sub-Saharan operations and with boards of other reputable companies such as Old Mutual Malawi, Standard Bank Malawi, Malawi Savings Bank, and the Privatisation Commission in Malawi.
BOC Gases’s profit dropped to Sh29 million in the six months to June, compared to Sh102.8 million in the same period last year due to declining sales since 2007.
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