TY Holdings acquires 60% stake in BOC Gases Nigeria

By Kayode Tokede

TY Holdings Limited yesterday announced to investing public that it has acquired 60 per cent stake in BOC Gases Nigeria Plc.

The Company Secretary, BOC Gases Nigeria, Mrs. Ronke Segun-Alabi in a statement on Nigerian Exchange Limited (NGX) said, TY Holdings recently acquired additional 249,746,823 ordinary shares or 60 per cent of the entire shares in the Company previously owned by BOC Holdings UK (a member of the Linde Group).

She explained in her statement that, “The purchase is in addition to the existing 12per 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 72per cent.

“This change in the ownership of BOC Gases Nigeria Plc is effective today 13th day of August 2021.”

She, however, assured shareholders and the public that the Company would make certain that it sustains the reputation and standing it has built for over the last 62 years.

The company in its unaudited half year (H1) ended June 30, 2021 reported 25.5 per cent increase in Profit before income tax to N244.15million from N194.6million in half year ended June 30, 2020.

BOC Gases Nigeria’s 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 nearly 20 per cent increase in revenue to N1.77billion in H1 2021.

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