B.O.C Gases Limited announced that TY Holdings Limited has acquired additional 249.75 million ordinary shares, representing 60 per cent of the outstanding shares in the company previously owned by BOC Holdings UK.
TY Holdings, a Lagos-based investment management firm, is chaired by General Theophilus Danjuma (retd.).
According to a statement released to the Nigerian Exchange Limited and the investing public, the purchase brings the total ownership of TY Holdings in BOC Gases to 72 per cent, as the investment firm previously owned 12 per cent of the industrial and medical gases manufacturer and marketer.
The statement, signed by BOC Gases Company Secretary, Mrs Ronke Segun-Alabi, said, “BOC Gases Nigeria Plc wishes to notify NGX and the investing public that TY Holdings Limited has acquired additional 249,746,823 ordinary shares in BOC Gases Nigeria Plc, being 60 per cent of the entire shares in the company previously owned by BOC Holdings UK (a member of the Linde Group).
“This purchase is in addition to the existing 12 per cent shares of the company owned by TY Holdings Limited prior to this transaction bringing the ownership of TY Holdings Limited in BOC Gases Nigeria Plc to 72 per cent.
“This change in the ownership of BOC Gases Nigeria Plc is effective today 13th day of August 2021. BOC Gases Nigeria Plc assures its esteemed shareholders and the public that the Company will make certain that it sustains the reputation and standing it has built for over the last 62 years.”
The PUNCH had previously reported in November of 2020 that TY Holdings was already in talks to purchase the shares from the London-based BOC Holdings.
The sale automatically makes General Theophilus Danjuma (retd.), who according to MarketScreener, is the chairman of TY Holdings Limited, the majority shareholder in BOC Gases. It also means the previous owner BOC UK, a subsidiary of Linde Group, a multinational player in the gas market, completely exits the Nigerian Market.