07
Nov

Rubis set to acquire 75 pc stake at KenolKobil

French-based company Rubis is set to buy out Kenyan oil marketer, KenolKobil. Rubis Energie has proposed a take-over offer of 75.01 per cent of the issued ordinary shares of KenolKobil which will see the company delist from the Nairobi Securities Exchange.

The proposed offer price is at Ksh23 per share. By the close of business day at the Nairobi Stock E, KenolKobil shares were retailing at Ksh15.30. KenolKobil which operates in Kenya, Ethiopia, Uganda, Rwanda, Burundi and Zambia is worth close to $225 million (Ksh22.5 billion) by market capitalization. On its part, Rubis which has a market value of about $4.7 billion (Ksh470 billion) and operates in Africa, Europe, Central America and the Caribbean.

KenolKobil has been covering the entire range of petroleum distribution activities such as retail (350 outlets), Aviation fuels, LPG, Lubricants, Bitumen, Commercial and Industrial -with secured access to pipelines and a network of 10 terminals.

“East Africa has experienced steady growth in the petroleum distribution segment, driven by demographic development, urbanization and investments in road infrastructure. KenolKobil is present in areas with a population of more than 200 million people, offering favourable perspectives,” Rubis said in a statement issued to the press in Nairobi.

Since 2013, KenolKobil reported having generated steady volumes and profit growth generating $50 million in 2017.