BOC resolute in Kenyan takeover proposals


The tumultuous drama of the as yet unresolved takeover of Kenyan carbon dioxide company Carbacid Investment Ltd has continued to rumble on of late, as BOC Kenya has declined a request by some Carbacid shareholders to release the shares it currently holds.

BOC Kenya had recently indicated it wanted a swift end brought to the ongoing dispute it has with Capital Markets Authority (CMA), having suffered losses since being suspended from the Nairobi Stock Exchange in December 2005 on account of the intended takeover.

The company is now reported to have written to Carbacid Investment shareholder Chandulal Shah and his wife Shanteben, regretting the continued holding of their property and indicating that its hands were tied.

The 2 shareholders, who have since recruited another 11 to their cause, had said that the 2 years in which their shares were in the custody of BOC registrars had translated into massive opportunity cost.

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