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Carbacid Investments plc , is a manufacturing and investment company in Kenya, the largest economy in the East African Community. The company manufactures and markets carbon dioxide gas for food processing, industrial use and medical use, as well as dry ice. It also tests and validates gas cylinders.
Carbacid Investments currently has a market share of above 65% in the regional carbon dioxide market. The shares of the company’s stock are listed on the Nairobi Securities Exchange (NSE), where they trade under the symbol CARB
Carbacid Investments Limited
||Carbon dioxide manufacturing
|Amb.Dennis Awori Chairman
||Food grade Liquid CO2, Compressed CO2, Medical CO2, Dry Ice, Cylinder Testing & Validation
||Aftertax: KES: 375.56 million (US$3.75 million) (2016)
||KES:3.081 billion (US$30.81 million) (2016)
The company is the largest manufacturer of food, medical and industrial CO2 in the region. In the financial year that ended 31 July 2016, the company turnover was valued at KSh:831,761,000 (approx. US$8,317,610). Net profits were at KSh:375,568,000 (approx. US$3,755,680). The company’s total assets were valued at KSh:3,081,768,000 (approx. US$30,817,680), with shareholders’ equity of KSh:2,674,198,000 (approx. US$26,741,980).
History of Carbacid Investments plc
Carbacid Investments traces its roots to BEA Sawmills Limited, a company that was first to extract carbon dioxide from a natural underground reservoir in Kereita Forest in Kenya in 1933. Carbacid was officially incorporated in 1961 and listed at the Nairobi Securities Exchange (NSE) in 1972 following a series of acquisitions.
Carbacid Investments Limited is an investment holding company invested in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid (CO2) Limited. Carbacid Investments Limited also has investments in property, in shares in other listed companies, investments in bonds and financial assets.
The source of Carbon Dioxide in Kerita Forest was first discovered in 1933. It was not until 1957 that serious investigation into its nature when Kagwe Limited was established in 1958, in order to process the gas, and the first 150 Kg per hour high pressure plant was installed. The plant, located at the well head, commenced processing of Carbon dioxide into liquid and dry ice.
This small scale production facility progressed satisfactorily for some time and in 1960, the first storage tank and road tanker were acquired The challenges associated with handling and distribution were addressed by adopting a bulk CO2 system.
Business to the entire East African region had developed sufficiently by 1971 to justify the setting up of an office and distribution depot in Nairobi with a stock holding facility, cylinder filling unit and dry ice plant. In order to finance this expansion and the purchase of a larger production plant, the company changed its name to Carbacid (CO2) Ltd., and a parent company, Carbacid Investments Limited was floated on the Nairobi Stock Exchange. Business continued to develop rapidly necessitating the purchase of more storage tanks, road tankers and additional processing capacity By the late 1980s the Group began exporting to the neighbouring countries of Uganda and Tanzania.
In order to continue to meet the ever-high standards of the beverage industry the Group, in 2001, installed a state of the art catalytic oxidation unit to further purify the CO2, thus making Carbacid (CO2) Limited the only supplier of the highest quality natural Carbon Dioxide (+99.99% pure ) in Africa.
Today the Group has two mines, each with full processing and quality control facilities, a fleet of long haul trucks with cryogenic tankers and many CO2 storage tanks located at customer premises. It’s owned fleet of pressurized rigid and semi trailer tankers distribute CO2 all over the East Africa and Central Africa region.
Carbacid Investments is mainly involved in the mining, purification and distribution of carbon dioxide gas to soft drink manufacturers and to beer bottlers. The company also makes medical CO2 for use in hospitals and other medical facilities and laboratories including universities. Other products manufactured by Carbacid include dry ice, which is used in the preservation of cold temperatures when shipping sensitive biological and chemical material. Carbacid’s distribution network extends across the whole of East Africa, serving customers in Kenya, Uganda, Tanzania, Rwanda, Burundi, Ethiopia, Eastern DRC, Zambia, South Sudan and Somalia.
The companies that comprise the Carbacid Investments Limited include, but are not limited, to the following Kenya registered subsidiaries:
- Carbacid (CO2) Limited – The flagship company of the group. Its principal activities involve the mining, purification and sale of carbon dioxide gas. This company is a 100% subsidiary of Carbacid Investments Limited.
- Goodison Twenty Nine Limited – An investment company, wholly owned by Carbacid Investments Limited.
- Goodison Forty Seven Limited – An investment company, wholly owned by Carbacid Investments Limited.
Ownership of Carbacid Investments plc
The shares of the Carbacid Investments Limited are listed on the NSE, where they trade under the symbol CARB. As of July 2016 the shareholding of Carbacid Investments was as follows:
Carbacid Investments Limited Stock Ownership
- Mrs A B Patel & Mr BC Patel – 30.41%
- Leverton Limited – 9.36%
- Kivuli Limited – 5.83%
- Miss T I Friedman – 4.42%
- Standard Chartered Nominees A/C: 9230 – 2.27%
- Cfc Stanbic Nominees Limited A/C NR 1031010 – 1.68%
- Mrs B C Kampf – 1.58%
- Peter Kingori Mwangi – 1.09%
- Mr R B Robinson – 0.95%
- Standard Chartered Nominees A/C 10881 – 0.86 %
- Others- 41.55%
Total = 100.00%
Board of Directors at Carbacid Investments plc
Dennis N O Awori (Chairman)
Amb. Awori joined the Board on 7th August 2014. He graduated with an honours degree in Aeronautical Engineering from the University of Manchester in 1976 and has held senior positions in the motor industry during his career. Dennis was the Ambassador of the Republic of Kenya to Japan and Korea from 2004 to 2009. Currently, he is the Chairman of both Toyota Kenya Limited and Bank of Africa Limited and is also on the Boards of several reputable companies in Kenya.
Baloo C Patel
Mr. Patel joined the Board in 2002. He is a significant shareholder in the Company and has extensive business interests in Kenya. He is also a Director of Sanlam Kenya Plc along with several other unlisted companies. His varied business experience brings a wide range of additional skills to the Board.
Mukesh K R Shah
Mr. Shah joined the Board in 2002. He is a member of the Institute of Certified Public Accountants of Kenya, the Institute of Certified Public Secretaries of Kenya and a Fellow of the Association of Chartered and Certified Accountants of the UK. He is a former partner of Price Waterhouse (now PriceWaterhouseCoopers) and a director of a leading consultancy firm that specialises in providing strategic and business advisory services to family-owned businesses. Mr Shah is substantially a non-executive Director, but has certain specific responsibilities for financial matters of the Group.
Susan Mudhune MBS
Mrs Susan Mudhune joined the Board in July 2017. She has a wealth of experience in the corporate world having served on a number of dynamic and successful Boards. She is a member of various business, professional and community service committees. Susan is a consultant in corporate governance and leadership and is a certified trainer in corporate governance with consultancy and training experience in the region. Susan holds degrees in Bachelor of Arts and Masters in Business Administration from the University of Nairobi.
Eng. Edward Musebe Achieng, Bsc (Hons), MBA
Eng. Edward Musebe was appointed as an independent non-executive Director of the Company with effect from 11 December 2018.
Edward holds a degree in Mechanical Engineering and Masters in Strategic Management and is currently pursuing his doctorate studies in Strategic Management. He has gained a wealth of business management experience having worked as Managing Director of Chemelil Sugar Company Limited and Amloy Engineering Limited; and various positions at Unga Limited, East African Cables Limited, East African Breweries Glass division and Magadi Soda Company plc.
He is currently the General Manager at a chemical company and also an adjunct lecturer at the United States International University of Africa. Edward was also non-executive Chairman of Kenya Broadcasting Corporation from 2013 to 2016 and part time lecturer at the University of Nairobi Institute of Tropical and Infectious Diseases (UNITID).
Rohan B Patel
Mr Rohan B Patel was appointed as a Director of the Company with effect from 29 May 2020.
Rohan holds an MBA from International Institute for Management Development, Switzerland; MSc Management, London School of Economics; Advanced Management Programme, Harvard Business School, USA and Certificate in Real Estate, Development and Hotel Investment, Cornell University, USA.
He has a wealth of business experience having worked as the Head of Corporate Development of a diversified investment group having investments in real estate services, insurance and asset management. Earlier Rohan worked with KPMG Eastern Africa in Business and Financial Advisory Services and Development Advisory Services.
Media information and Press Releases
Carbacid Investments plc Contacts
Mr N P Kothari (Company Secretary)
P O Box 764
Tel: +254 (0)704 852487
Tel: +254 (0)732 775590