TY holdings acquires 72% stake in BOC Gases Nigeria – NigeriaGalleria – Enterprise, Awards, Innovation, Events, Brands, info

TY Holdings Limited yesterday announced to investing public that it has acquired 72 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.

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.

Meanwhile, the stock market closed trading activities yesterday on the positive note, to reverse the previous day bearish sentiment, as market capitalization grew by N23 billion.

In summary, the of the Nigerian Exchange Limited (NGX) All-Share Index (ASI) grew by 44.96 basis points, representing a rise of 0.11 per cent, to close at 39,550.36 basis points from 39,505.40 basis points.

Thus, Month-to-Date gain increased to +2.6per cent, while Year-to-Date loss moderated to -1.8per cent.

Consequently, the overall market capitalisation value gained N23 billion to close at N20.606 trillion from N20.583trillion.

Performance across sectors was mixed, as the Consumer Goods (-4.6per cent), Insurance (-1.2per cent) and Oil and Gas (-0.2per cent) indices recorded declines while the Banking index closed flat. The Industrial Goods (+1.8per cent) index was the sole gainer.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Dangote Cement, Honeywell Flour Mills, UAC of Nigeria (UACN), Pharma-Deko and Neimeth International Pharmaceuticals.

Furthermore, the market breadth closed at par, recording 16 gainers and 16 losers. Honeywell Flour Mills followed with a gain 9.78 per cent to close at N2.47, per share. Pharm Deko followed with a gain of 9.24 per cent to close at N1.30 and Wema Bank went up 3.70 per cent to close at 84 kobo, per share.

Neimeth International Pharmaceuticals up by 3.66 per cent to close at N1.70, while Dangote Cement appreciated by 3.31 per cent to close at N249.60, per share. On the other hand, SCOA Nigeria led the losers’ chart by 9.74 per cent to close at N1.76, per share. Nestle Nigeria followed with a decline of 9.09 per cent to close at N1,400.00, while FTN Cocoa Processors lost 8.51 per cent to close at 43 kobo, per share.

Consolidated Hallmark Insurance declined 8.16 per cent to close at 45 kobo, while Linkage Assurance shed 6.35 per cent to close at 59 kobo, per share.