Carbacid investors to get share certificates by Friday

All shareholders of carbon dioxide maker, Carbacid Investments Ltd, should expect to receive their share certificates by Friday this week.

This comes a few days after rival firm, BOC Kenya Ltd, announced on October 15 that it was withdrawing its bid to acquire Carbacid.

“We expect all of the shareholders to have received their certificates by the end of this week. We want to facilitate the process so that when trading starts it can run smoothly,” BOC managing director John Kariuki, told the Nation on Monday.

The two firms have applied to the Capital Markets Authority to lift suspension of their shares from trading at Nairobi Stock Exchange, which has been in force since 2005.

Mr Kariuki said the delay in the release of the certificates, which begun immediately after announcing the lapse of their bid, had been occasioned by the requirement that they send the documents to over 500 shareholders by registered post.

The Carbacid takeover had been in the works for about four years after CMA declined to endorse it, arguing that BOC had not met all the terms it had stated in an offer to shareholders.

Mr Kariuki also said they had also released a summary of the firm’s performance since 2005 to date for the benefit of owners and investing public.