Declared Dividend • Apr 18
Final dividend of KSh10.35 announced Shareholders will receive a dividend of KSh10.35. Ex-date: 2nd June 2026 Payment date: 21st July 2026 Dividend yield will be 9.2%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: KSh16.08 (vs KSh10.84 in FY 2024) Full year 2025 results: EPS: KSh16.08 (up from KSh10.84 in FY 2024). Revenue: KSh1.43b (up 19% from FY 2024). Net income: KSh314.0m (up 48% from FY 2024). Profit margin: 22% (up from 18% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 26% per year. Aankondiging • Apr 16
BOC Kenya Plc, Annual General Meeting, Jun 25, 2026 BOC Kenya Plc, Annual General Meeting, Jun 25, 2026, at 11:00 E. Africa Standard Time. New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 22% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (KSh2.38b market cap, or US$18.3m). New Risk • Jan 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Kenyan stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 22% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (KSh2.54b market cap, or US$19.7m). New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 22% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 22% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (KSh2.51b market cap, or US$19.5m). New Risk • Dec 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (KSh2.40b market cap, or US$18.6m). Upcoming Dividend • Sep 15
Upcoming dividend of KSh2.50 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 14 October 2025. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 6.8%. Lower than top quartile of Kenyan dividend payers (7.6%). Lower than average of industry peers (8.4%). Declared Dividend • Aug 28
Final dividend of KSh2.50 announced Shareholders will receive a dividend of KSh2.50. Ex-date: 22nd September 2025 Payment date: 14th October 2025 Dividend yield will be 6.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 31% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to KSh110, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 11x in the Chemicals industry in Africa. Total returns to shareholders of 64% over the past three years. Upcoming Dividend • May 26
Upcoming dividend of KSh6.15 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 21 July 2025. Trailing yield: 5.8%. Lower than top quartile of Kenyan dividend payers (9.8%). Lower than average of industry peers (11%). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to KSh88.00, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 8x in the Chemicals industry in Africa. Total returns to shareholders of 43% over the past three years. Declared Dividend • Apr 25
First half dividend of KSh6.15 announced Shareholders will receive a dividend of KSh6.15. Ex-date: 2nd June 2025 Payment date: 21st July 2025 Dividend yield will be 8.7%, which is higher than the industry average of 2.8%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Apr 24
BOC Kenya Plc, Annual General Meeting, Jun 26, 2025 BOC Kenya Plc, Annual General Meeting, Jun 26, 2025, at 11:00 E. Africa Standard Time. New Risk • Mar 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (KSh1.64b market cap, or US$12.7m). Upcoming Dividend • Sep 16
Upcoming dividend of KSh1.50 per share Eligible shareholders must have bought the stock before 23 September 2024. Payment date: 14 October 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Kenyan dividend payers (13%). In line with average of industry peers (6.2%). Reported Earnings • Sep 08
First half 2024 earnings released First half 2024 results: EPS: KSh3.16. Net income: KSh61.8m (up KSh61.8m from 1H 2023). Board Change • Jul 04
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 15
Full year 2023 earnings released: EPS: KSh10.14 (vs KSh7.58 in FY 2022) Full year 2023 results: EPS: KSh10.14 (up from KSh7.58 in FY 2022). Revenue: KSh1.54b (up 20% from FY 2022). Net income: KSh198.1m (up 34% from FY 2022). Profit margin: 13% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Jun 06
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Shares are highly illiquid. Revenue has declined by 6.8% over the past year. High level of non-cash earnings (34% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (KSh1.68b market cap, or US$12.9m). Upcoming Dividend • May 27
Upcoming dividend of KSh6.05 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 21 July 2024. Trailing yield: 7.2%. Lower than top quartile of Kenyan dividend payers (12%). Lower than average of industry peers (9.5%). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to KSh80.75, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 9x in the Chemicals industry in Africa. Total returns to shareholders of 42% over the past three years. Declared Dividend • May 02
Dividend of KSh6.05 announced Shareholders will receive a dividend of KSh6.05. Ex-date: 3rd June 2024 Payment date: 21st July 2024 Dividend yield will be 7.5%, which is higher than the industry average of 2.8%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Apr 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: KSh1.31b (US$9.83m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 6.8% over the past year. High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (KSh1.31b market cap, or US$9.83m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jan 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jan 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: KSh1.60b (US$10.00m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 6.8% over the past year. High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (KSh1.60b market cap, or US$10.00m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 6.8% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 6.8% over the past year. High level of non-cash earnings (34% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (KSh1.60b market cap, or US$10.2m). New Risk • Dec 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (34% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (KSh1.60b market cap, or US$10.3m). Board Change • Dec 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: KSh1.46b (US$9.73m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (KSh1.46b market cap, or US$9.73m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Oct 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 21
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jul 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: KSh1.41b (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (KSh1.41b market cap, or US$9.88m). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Jun 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (KSh1.76b market cap, or US$12.6m). Reported Earnings • Jun 08
Full year 2022 earnings released: EPS: KSh7.58 (vs KSh5.55 in FY 2021) Full year 2022 results: EPS: KSh7.58 (up from KSh5.55 in FY 2021). Revenue: KSh1.29b (down 6.8% from FY 2021). Net income: KSh148.0m (up 37% from FY 2021). Profit margin: 12% (up from 7.8% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to KSh90.00, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 9x in the Chemicals industry in Africa. Total returns to shareholders of 89% over the past three years. Upcoming Dividend • May 26
Upcoming dividend of KSh4.45 per share at 12% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 21 July 2023. Trailing yield: 12%. Lower than top quartile of Kenyan dividend payers (12%). Higher than average of industry peers (6.6%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to KSh76.50, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 8x in the Chemicals industry in Africa. Total returns to shareholders of 52% over the past three years. Board Change • Mar 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 17
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 26
Upcoming dividend of KSh1.60 per share Eligible shareholders must have bought the stock before 03 October 2022. Payment date: 22 October 2022. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 4.2%. Lower than top quartile of Kenyan dividend payers (10.0%). Lower than average of industry peers (6.3%). Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 19% share price gain to KSh84.75, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 8x in the Chemicals industry in Africa. Total returns to shareholders of 53% over the past three years. Board Change • Jun 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Stephen Maina was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 23
Upcoming dividend of KSh2.90 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 19 July 2022. Trailing yield: 7.7%. Lower than top quartile of Kenyan dividend payers (10%). Higher than average of industry peers (5.6%). Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 19% share price gain to KSh90.75, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 11x in the Chemicals industry in Africa. Total returns to shareholders of 43% over the past three years. Executive Departure • Sep 24
Non-Executive Director Marius Kruger has left the company On the 13th of September, Marius Kruger's tenure as Non-Executive Director ended after 8.1 years in the role. We don't have any record of a personal shareholding under Marius' name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 7.08 years. Upcoming Dividend • Sep 20
Upcoming dividend of KSh1.50 per share Eligible shareholders must have bought the stock before 27 September 2021. Payment date: 18 October 2021. Trailing yield: 4.0%. Lower than top quartile of Kenyan dividend payers (7.5%). Lower than average of industry peers (5.6%). Upcoming Dividend • May 19
Inaugural dividend of KSh4.15 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 19 July 2021. The company last paid an ordinary dividend in June 2019. The average dividend yield among industry peers is 5.6%. Reported Earnings • May 05
Full year 2020 earnings released: EPS KSh5.21 (vs KSh2.86 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: KSh1.10b (up 13% from FY 2019). Net income: KSh101.7m (up 82% from FY 2019). Profit margin: 9.3% (up from 5.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Aankondiging • Nov 27
Carbacid Investments plc (NASE:CARB) and Baloobhai Chhotabhai Patel made an offer to acquire BOC Kenya Plc (NASE:BOC) from group of sellers for KES 1.2 billion Carbacid Investments plc (NASE:CARB) and Baloobhai Chhotabhai Patel("Co-Offerors") made an offer to acquire BOC Kenya Plc (NASE:BOC) from group of sellers for KES 1.2 billion on November 25, 2020. Under the terms of the consideration, the shares will be acquired for KES 63.5 per share. Under the terms of the agreement, if by the Closing Date of the offer BOC no longer owns shares in Carbacid, Carbacid will proceed to acquire up to 100% of the Offer Shares and Baloobhai will waive his rights to acquire any Offer Shares; and if by the Closing Date BOC still holds shares in Carbacid then, Carbacid will acquire 49% of the Offer Shares and Baloobhai will acquire up to 51% of the Offer Shares. Baloobhai has agreed with Carbacid that if the Offer Shares held by Baloobhai are acquired by Carbacid within and up to six calendar months of the Closing Date, then the price for such Offer Shares shall be the Take-Over Offer Price and in addition Baloobhai shall charge Carbacid a fee equivalent to 1% per month (and pro rated for periods less than a month) of the value of the Offer Shares actually acquired by Baloobhai for agreeing to be a co-offeror. On the closing of the Offer, BOC shall continue to be listed. However, should the Co-Offerors achieve acceptances of 75% or more of the Offer Shares, the Co-Offerors will evaluate the continued efficacy of BOC remaining listed and may then, subject to approval from the Capital Markets Authority, apply for BOC to be de-listed from the NSE. The transaction is subject to regulatory approvals, including approvals from Competition Authority, Carbcaid shareholder's approval and other customary closing conditions. Faida Investment Bank acted as the financial advisor, Anjarwalla & Khanna acted as legal advisor , C&R Group acted as registrar and NCBA acted as depository bank for Carbacid and Baloobhai . 
