TOL | TOL Gases - Valuation Report - December 2022

    TOL Gases Limited (DSE:TOL) was founded in 1950 as a branch of South Africa’s African Oxygen and Acetylene Company (AFROX). It became part of the BOC Gases Group in 1965, as branch of the Kenyan East Africa Oxygen Limited. After BOC divested from Tanzania during its reorganization in 1986, the government assumed full ownership and management of the business. As part of its policy of disengagement from commercial ventures in the 1990s, the Tanzanian government sold a majority of its shares to a strategic investor and the public on the Dar es Salaam Stock Exchange in 1998, making TOL Gases the first listing in Tanzania. As of 31st Dec 2021, the Massawe Estate owned about 27% of TOL through various beneficiaries including Erncon Holding Ltd. The public owns 28% while the government, through the Treasury Registrar, still owns 6% of the company.

    In addition to producing and supplying medical and industrial gases, the company also supplies welding products and accessories, as well as medical equipment. TOL is also the sole Tanzanian distributor for ESAB, an American Swedish industrial company, and Gases Control Equipment (GCE), a multinational gases solutions company. Headquartered in Dar es Salaam, TOL Gases has three plants in Dar es Salaam, Mwanza and Mbeya, and one outlet shop in Arusha. TOL distributes its products to six countries; Kenya, DRC, Zambia, Malawi, Zimbabwe and Mozambique.


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