TY Holdings Limited, the investment holding firm of Lt.-Gen. Theophilus Danjuma (rtd), has launched a takeover bid for equity stakes held by minority shareholders in the former BOC Gases Nigeria Plc after the investment firm of the former Minister of Defence acquired majority stake in the industrial gas company.
TY Holdings had acquired 60 per cent majority equity stake held by BOC Holdings UK-a member of The Linde Group, to increase TY Holdings’ contro0lling equity stake to 72 per cent. It subsequently changed the name of BOC Gases Nigeria Plc to Industrial and Medical Gases Nigeria Plc.
In a regulatory filing at the weekend, TY Holdings indicated that it has secured the approval of the Securities and Exchange Commission (SEC) to proceed with its proposed Mandatory Takeover Offer (MTO).
TY Holdings will be buying 100,000 ordinary shares held by minority shareholders of BOC Gases Nigeria Plc at N11.65 per share. The MTO represents 0.02 per cent equity stake in the total issued and fully paid up share capital of BOC Gases. – Advertisement – Read Also: Dangote Cement posts N1.02tr sales in Q3
The MTO opens today, Monday, 1 November 2021 and will close on Monday, November 22, 2021.
Section 131, Part XII of the Investment and Securities Act, No. 29, 2007 and Rule 445 of SEC Rules and Regulations, 2013 make it mandatory for any institution or person that acquires at least 30 per cent of a company to make an mandatory tender offer (MTO) to other minority shareholders. There are however exemptions in few instances.
Meanwhile, interim report and accounts of Industrial and Medical Gases Nigeria Plc for the third quarter ended September 30, 2021 at the weekend showed considerable growths across key performance indices.
Turnover rose from N2.35 billion in third quarter 2020 to N2.76 billion in third quarter 2021. Profit before tax doubled from N288.74 million to N430.37 million while profit after tax rose to N322.37 million in third quarter 2020 as against N194.29 million in third quarter 2020.