KARACHI, Sept 8: The BOC Group plc, UK, which holds the majority equity in BOC Pakistan Limited — a Karachi stock market listed company — has been acquired by Linde AG, Woeshbaden.

Reports reaching here indicate that Linde AG’s acquisition of BOC Group plc, based in Windlesham, UK was completed on September 5, following the earlier approval of Linde takeover bid at a BOC shareholders’ meeting in London.

In compliance with the ‘material information’ clause of the code of corporate governance, the BOC Pakistan Limited on Friday issued notice confirming the cash offer by Linde AG for acquisition of shares of the BOC Group plc, UK.

Syed Ayaz Bokhari, chief executive of the BOC Pakistan announced: “We have now been informed that the Scheme of Arrangements for the acquisition by Linde AG of the shares of the BOC Group plc, UK has been sanctioned by the English Courts on Sept 4.”

And he added: “Thereafter, the Scheme of Arrangement has in accordance with its terms become effective on Sept 5”. The company chief observed that as a consequence, with effect from September 5, 2006, the BOC Group plc, UK, the majority shareholders of BOC Pakistan Limited, is a wholly owned subsidiary of Linde AG.

BOC Pakistan was originally a 100 per cent subsidiary of the British Oxygen Company Limited (now the BOC Group), which was established in 1886.

On March 17, 1958, the company became a public limited company and its capital structure was broadened by the offer of 40 per cent shares to the Pakistan nationals. Since then this equity structure has been maintained. Current paid-up capital of BOC Pakistan stands at Rs250 million in 10-rupee share each. The stock in BOC is trading at around Rs140. The board disbursed cash dividends at 130pc for 2004; 120pc for 2005 and an interim dividend at 30pc for 2006; the financial year closes on September 31.

The stock is tightly held, represented by only 2 million or 8 per cent of the total outstanding shares of 25 million, which came up for trading during eight months from January to Aug 2006.

In Pakistan, the company is a portfolio of three businesses — industrial and special gases, health care and welding products.

It would be premature to speculate if the new group would continue to follow in the footsteps of the earlier majority equity holder or float new ideas, in respect of business plans and pattern of shareholdings.