Kenya's Carbacid profit up 51p.c.

Kenyan carbon dioxide producer Carbacid Investments reported a 51 per cent rise in full-year pretax profit to Sh367 million.

Suspended from the Nairobi bourse in 2005 after a takeover bid by BOC Gases was rejected by the regulator, Carbacid said on Thursday turnover for the year to end-July rose to Sh552 million from Sh387 million.

The company proposed raising its share capital to Sh250 million from Sh60 million through the issuance of 38 million shares of Sh5 each.

"The directors have resolved... a capitalisation issue be made of two new shares for every one share held to those shareholders in the books of the company on November 12," it said in a statement.

The recommendation and another proposal for the payment of a special dividend of Sh5 shillings are subject to shareholder and regulatory approval.

BOC said earlier this month it had withdrawn its bid for Carbacid, paving the way for a possible re-admission of both firms at the bourse.