Kenyan beer tycoon Ngugi Kiuna ups stake in gas manufacturer, BOC Kenya

Kenyan businessman Ngugi Kiuna has increased his position in Nairobi-based gas manufacturer BOC Kenya.

According to data retrieved from the group’s financial statement for the year ending December 2021, Kiuna, the chairman of the board of BOC Kenya, acquired an additional 93,000 shares worth Ksh6.9 million ($59,000) at the time of writing.

The acquisition solidifies his position in BOC Kenya as one of the company’s leading shareholders, increasing his stake from 7.6 percent at the end of 2020 to 8.08 percent as of the time of drafting this report.

As of press time on July 2, shares in BOC Kenya were worth Ksh75 ($0.636) per share, unchanged from their opening price on the Nairobi Securities Exchange on Friday, while Kiuna’s 8.08-percent stake is presently worth more than $1 million.

The acquisition comes after he publicly opposed the proposed takeover of the Kenyan gas manufacturer by Kenyan multimillionaire businessman Baloobhai Patel and his Nairobi-based investment holding company Carbacid Investments Plc.

Despite the regulatory roadblocks erected by Kiuna to object to the buyout, which he claims “undervalues the Nairobi Securities Exchange-listed firm,” Carbacid has remained steadfast in its bid to acquire a 65.38-percent stake in BOC Kenya in a deal that is expected to be completed at a valuation of Ksh1.2 billion ($10.6 million) as it seeks to broaden its portfolio in Kenya.

With the transaction taking more than a year to complete, Carbacid stated that it will expedite hearings at the Capital Markets Tribunal and the High Court to resolve the suspension of the takeover bid and that the bid may still take place before the end of the year.