BOC Gases Nigeria changes name after TY Holdings’ acquisition of majority stake

BOC Gases Nigeria Plc, a gas company, has rebranded and changed its name to Industrial and Medical Gases Nigeria Plc.

Ayodeji Oseni, managing director of the company, announced this on Thursday in a notice filed on the Nigerian Exchange Limited (NGX).

The company is a manufacturer of industrial and medical gases and sales of special gases, welding and medical equipment.

BOC Gases Nigeria is a subsidiary of BOC Holdings Limited UK.

In the notice, Oseni explained that the name change is a result of the purchase of 60 percent of the entire shares of BOC Gases Nigeria by TY Holdings Limited.

TY Holdings, a Lagos-based investment management firm, is chaired by Theophilus Danjuma, a former minister of defence.

In August, TY Holdings Limited had acquired additional 249,746,823 ordinary shares of BOC Gases Nigeria, translating to about 60 percent of the latter’s total shareholding.

The purchase is in addition to an existing 12 percent stake held by the investment firm, thereby raising its total stake in BOC Gases Nigeria to 72 percent.

“This is to notify Nigerian Exchange Limited, our shareholders and the investing public that BOC Gases Nigeria Plc (the Company) has changed its name to INDUSTRIAL AND MEDICAL GASES NIGERIA PLC,” the statement reads.

“The change of name is sequel to the purchase of 60% of BOC Gases Nigeria Plc, which was formerly controlled by BOC Holdings UK (a member of The Linde Group) by TY Holdings Limited.

“This has also resulted in the change of the company’s logo and trademark. The company has obtained a new certificate of incorporation from the Corporate Affairs Commission.”