• Monday, July 22, 2024
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Industrial and Medical Gases rebrands for competitiveness

Industrial and Medical Gases rebrands for competitiveness

Shareholders of Industrial and Medical Gases Nigeria Plc should hope for superior returns-on-investment (RoI) as the company has rebranded to expand operation, grow income and scale up the shareholder value.

The company, formerly called BOC Gases publicly announced on Friday December 10 its new name: Industrial and Medical Gas Nigeria Plc and unveiled its logo in a colourful ceremony that attracted eminent investors.

Besides, the frontline manufacturer of industrial and medical gases in Nigeria, has developed a blueprint to strengthen its global competitiveness on a sustainable basis, irrespective of the nature of the operating environment.

Ayodeji Oseni, Managing Director and Chief Executive Officer, Industrial and Medical Gases Nigeria Plc assured the shareholders that the rebranding was a dawn of new era. According to him, the company is more positioned to expand its operations, introduce more innovative products and enhance shareholder value.

“We are all very excited about the bold and ambitious commitments that have been made by our new investor, the TY Holdings. These commitments will lead to additional plant procurement with accompanying facilities, strategic development of manpower, growth and development and business expansion within Nigeria and West Africa to name but a few.

“We shall leverage our team of seasoned staff with rich industry experience, modern equipment and quality products and services for optimal performance and generate shareholder value on sustainable basis, grow our businesses and evolve new products and business opportunities,” Oseni said.

Read also: TY Holdings becomes majority shareholder in BOC Gases Nigeria

In his welcome address, the Chairman, Abiodun Alabi, explained that the rebranding was necessitated by the Board’s determination to strengthen the company’s operations, following its acquisition of 60 percent stake by TY Holdings

“In August this year, The Linde Group sold its controlling ownership of 60% to TY Holdings, a group of company which has several business interests in various sectors of the Nigerian economy. The TY Holding Group is known for astuteness, great vision, and passion to excel in any field that it has presence. The shared vision is to significantly strengthen the number one position of our company in Nigeria and deepen our activities in West Africa.

“Today, as we unveil the new name and logo of our dear company, the collective challenge to all stakeholders is to join hands to endure the success of our new journey. The bane of our industry at present is lack of government regulations and standards to ensure that players provide safe and quality products. I call on the Federal Government to address these challenges without further delay. “, said Alabi.

There was outpouring of goodwill messages. A prominent shareholder, Sunny Nwosu congratulated the Board and Management on the historic event and described the rebranding as a great expectation of increased dividend for the shareholders.

Incorporated in 1959, the company was founded in Nigeria as Industrial Gases Limited, (IGL). It became a Public Liability Company and exactly 38 years ago. Its establishment of a relationship with the BOC brand and led to the change of name to BOC Gases Nigeria Plc and shortly after became a member of The Linde Group via acquisition of majority shares by The Linde Group in the BOC entity.

The acquisition of 60 percent holding by TY Holdings marks the end of the company’s 24 years relationship with the Linde Group and the beginning of a new journey as IMG – Industrial & Medical Gases Nigeria Plc.