Prime Business Africa
The value of investment held by T.Y Danjuma in Industrial & Medical Gases, formerly known as BOC Gases, dropped by 13.30 percent between January 2 and June 11, according to Prime Business Africa’s analysis.
Danjuma, who owns 358 million shares in Industrial & Medical Gases through TY Holdings Limited, held N13.58 billion worth of investment in the company as of January 2.
Join our WhatsApp ChannelHowever, the value of the shares dropped to N11.77 billion as of June 11, indicating Danjuma lost N1.80 billion within five months and two weeks, as stock market investors’ confidence in Industrial & Medical Gases declined.
Prime Business Africa gathered that due to Industrial & Medical Gases’ inability to maintain strong investor confidence in the equity market, the company’s share price lost 13.30 percent or N5.05 to drop from N37.95 kobo to N32.90 kobo.
This resulted in Danjuma, who owns 72 percent stake in the company, and other shareholders who hold 28 percent stake, losing a total of N2.77 billion, with the former accounting for 65.15 percent of the loss.
The decline in the company’s share price also dragged down the market valuation of Industrial & Medical Gases from N20.85 billion to N18.07 billion during the period under review.
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