TY Danjuma's TY Holdings Acquires 72% Stake In BOC Gases

TY Holdings Limited on Tuesday announced to the investing public that it now owns a 72 percent stake in BOC Gases Nigeria Plc.

TY Holdings, owned by a retired army general, Mr Theophilus Yakubu Danjuma, recently acquired an additional 60 per cent of the organisation’s stocks amounting to 249,746,823 units from BOC Holdings UK. The company previously owned a 12 percent stake in BOC Gases but has now become the major shareholder after the lump acquisition.

The announcement was made by the Company Secretary, BOC Gases Nigeria, Mrs. Ronke Segun-Alabi, in a statement on Nigerian Exchange Limited (NGX).

“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 statement read.

The company in its unaudited financial statement for the first half of the year (H1) reported a 25.5 percent increase in profit before income tax to N244.15million from N194.6million in the half-year ended June 30, 2020.

Profit after tax also rose by 27.3 per cent to N168.44million in H1 2021 as against N132.3million reported in H1 2020.

Impressive growth in profits was driven by a nearly 20 per cent increase in revenue to N1.77billion in H1 2021.

The shareholders of the company approved 50kobo per share dividend for the 2020 financial year result and account in June.