BOC Holdings (“BOC UK”) has announced plans to sell its entire controlling equity of 249,746,823 (two hundred and forty-nine million, seven hundred and forty-six thousand, eight hundred and twenty-three) ordinary shares in BOC Gases Nigeria Plc to TY Holdings Limited.
The proposed sale represents 60 percent of the issued share capital by BOC Gases Nigeria.
In a notification to the Nigerian Stock Exchange, the management of BOC Gases Nigeria said the proposed deal is presently at an initial stage and its final closure is subject to the regulatory approvals being obtained from the NSE, the Nigerian Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission.
The statement reads, “BOC Gases Nigeria PLC (“BOC Nigeria” or the “Company”) hereby notifies the Nigerian Stock Exchange (“The NSE”) that the Company has been informed by BOC Holdings (“BOC UK”), the holder of 249,746,823 (two hundred and forty-nine million, seven hundred and forty-six thousand, eight hundred and twenty-three) ordinary shares of the Company which represents approximately 60% of the issued share capital in the Company, that BOC UK has entered into a binding share purchase agreement dated 16 November 2020 with TY Holdings Limited (the “Share Purchase Agreement”) for the purchase by TY Holdings Limited of (i) the entire shareholding BOC UK holds in BOC Nigeria and (ii) certain claims owing by BOC Nigeria to BOC UK and certain other members of the Linde plc group (the “Proposed Transaction”).”
“We understand that the Proposed Transaction is currently at a preliminary stage and its consummation is subject to the requisite regulatory approvals being obtained from The NSE, the Nigerian Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission in accordance with the Share Purchase Agreement.
“Further details will be communicated to the market upon relevant approvals being obtained from the regulators.
“Shareholders of BOC Nigeria are advised to exercise caution when dealing in the shares of BOC Nigeria until a further announcement is made.”
Shares of BOC Gases Nigeria Plc led gainers with 9.82 percent or 48 kobo to close at N5.32 per share on Monday following the announcement of the proposed deal.