Lagos-based TY Holdings Limited has acquired an additional 60-percent controlling stake in BOC Gases Nigeria Plc, Nairametric reported. TY Holdings made the announcement recently on the Nigerian Exchange (NGX).
On Nov. 16, 2020, BOC Gases announced a binding share-purchase agreement with TY Holdings. The move was initiated as part of its plans to divest from the Nigerian market.
The recent 60-percent acquisition is equivalent to 249,746,823 ordinary shares in BOC Gases. Before the purchase, TY Holdings held only 12 percent of the gas merchant, while the UK-based company held the majority stake.
BOC Gases is a subsidiary of the UK-based BOC Holdings Limited. It is engaged in manufacturing industrial and medical gases and selling special gases, welding and medical equipment. It has a network of distributors and agents across Nigeria, having traded in the country for more than 62 years.
The deal acquisition brings the shareholding of the Danjuma-led organization to 72 percent, making it the gas business’ controlling shareholder. Following the transaction, the company’s ownership structure changed to reflect the new acquisition as of Aug. 13.
TY Holdings
TY Holdings is connected to businessman and philanthropist Theophilus Yakubu Danjuma. He was formerly Nigeria’s defense minister and a retired military general.
The privately-held company was founded in 1989, 10 years after Danjuma’s retirement from the military. Its interests span maritime activities, through NAL-Comet Group, and oil and gas, through South Atlantic Petroleum Limited.
