KenolKobil will not trade at the Nairobi Securities Exchange beginning today, Nairobi Securities Exchange has said.
The directive follows the acquisition of 100 per cent shares of the firm by Rubis Energie, which consequently disqualified KenolKobil from operating as a listed entity.
“The delisting has been approved by the Capital Markets Authority,” said NSE in a communication.
“We are therefore giving a notice on the delisting of KenolKobil from the Nairobi Securities Exchange effective August 23,” it adds.
The French fuel storage and distribution company Rubis SCA announced last year announced plan to buy KenolKobil and in January 2019 the oil marketer’s board endorsed the proposed takeover.
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KenolKobil, worth close to $225 million by market capitalisation, also operates in Ethiopia, Uganda, Rwanda, Burundi and Zambia. With a market value of about $4.7 billion, Rubis already has operations in Africa, as well as Europe, Central America and the Caribbean.