Ngugi Kiuna's Boc Kenya Eyes Growth After Carbacid's Failed Deal

BOC Kenyas Ksh1.2 billion 10.6 million deal with Carbacid collapsed after legal and regulatory delays, hindering East Africas largest gas supplier merger.

BOC Kenya, part of Linde Group, is now targeting organic growth, focusing on manufacturing, agriculture, and medical oxygen supply.

Ngugi Kiuna, former chairman, opposed the buyout due to undervaluation and now redirects BOC Kenyas strategy toward independent expansion.

BOC Kenya, the Nairobi-based industrial and medical gas manufacturer backed by Kenyan businessman Ngugi Kiuna, is charting a new course for growth following the collapse of its protracted acquisition deal with Carbacid Investments.

More than four years after the initial agreement was signed , Carbacid and its partner Aksaya Investments LLP formally withdrew their joint Ksh1.2 billion 10.6 million buyout offer for Ksh63.5 0.491 per share, paving the way for BOC Kenya to refocus on standalone expansion.

The proposed deal , announced in early 2021, aimed to create East Africas largest gas supplier by merging BOCs medical oxygen operations with Carbacids carbon dioxide business. But the plan was mired in legal challenges, shareholder pushback, and regulatory delaysobstacles that proved insurmountable amid shifting market conditions.

Now part of Germanys Linde Group, BOC Kenya is focusing on organic growth to strengthen its position in East Africas industrial and medical gas market.

For the year ended December 2024, the company posted a 6.8 percent rise in net profit to Ksh211.6 million 1.64 million, even as revenue fell 21.7 percent to Ksh1.2 billion 10.6 million due to the conclusion of donor-funded health projects.