TY Holdings Limited has offered to purchase the shares of BOC Holdings in BOC Gases Nigeria Plc. The deal, if successful, will give TY Holdings majority power at BOC Gases Nigeria, as BOC Holdings' shares is majority stake. BOC Holdings is the UK shareholdings of BOC Gases Nigeria.
The majority stake TY Holdings is looking to purchase is up to 60%, however, the deal will have to undergo regulatory approvals from the Nigerian Stock Exchange (NSE), the Nigerian Securities and Exchange Commission (SEC) and the Federal Competition and Consumer Protection Commission (FCCPC) in accordance with the Share Purchase Agreement.
In a statement seen by AllNews, BOC Gases Nigeria revealed that BOC Holdings account for 249,746,823 capital shares, which will be transfered to TY Holdings, alongside claims owing by BOC Gases Nigeria to BOC Holdings. It was learnt that both companies entered into a binding share purchase agreement on November 16, 2020.
"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 Nigeriaand (ii) certain claims owing by BOC Nigeriato BOC UKand certain other members of the Linde plcgroup(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." the statement reads.
BOC Gases Nigeria warned shareholders to be cautious when trading in its shares due to the current talks between TY Holdings and BOC Holdings, "Shareholders of BOC Nigeria are advised to exercise caution when dealing in the shares of BOC Nigeria until a further announcement is made."