× Digital News Videos Health & Science Lifestyle Opinion Education Cartoons Columnists Moi Cabinets Arts & Culture Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

KenolKobil shares suspended from trading at bourse

BUSINESS NEWS
By - | May 10th 2012

By James Anyanzwa

The shares of the oil-marketing firm, KenolKobil, have been suspended from trading at the Nairobi Securities Exchange (NSE) indefinitely.

This follows a public announcement of the largest oil marketing firm takeover bid by the Swiss-based Puma Energy.
Puma Energy, a subsidiary of Trafigura, has entered into exclusive talks to buy a majority stake in KenolKobil, which it then aims to follow up with a takeover.

The sale of shares is subject to completion of ongoing due diligence, regulatory approvals and price confirmation.
In a statement on Wednesday NSE said the suspension of Kenokobil shares is in pursuant to the provision of the Capital Markets Securities Public Offers, Listings and Disclosures Regulations 2002.

Company strength
The shares last traded at Sh12.50 per share on Monday. “The NSE in consultation with the Capital Markets Authority has therefore suspended trading of the securities,” said Peter Mwangi, the bourse’s chief executive.

Besides strength in volume distribution via its 400 outlets span across 10 countries, KenolKobil’s key strategic asset remains its un-rivaled storage capacity. Since the introduction of fuel price controls in its key Kenyan market, KenolKobil has adapted its operations to the new environment by building a strong regional trading outfit as well as aggressively growing its

LPG business.
Puma Energy is an integrated midstream and downstream oil company active in Africa, Latin America, the Caribbean, the Baltics, the Middle East and Asia covering 29 countries and with a network of 1,100 retail stations.
If it succeeds in getting KenolKobil, it will add another 400 stations and 10 countries as part of its operations.  Puma is currently strong in Southern Africa while KenolKobil is strong in east and central Africa.

The oil firm which plans an initial public offering this year, is 20 per cent owned by Angola’s state firm Sonangol.
Kestrel Capital is brokering the deal whose conclusion could boost the depressing performance of the company’s shares at the NSE and propel KenolKobil to a new level of development.

“As management, we had already expressed our wish to see such strategic development for our group,” said Jacob Segman, KenolKobil Group’s chairman and chief executive.
“We feel it is probably the right thing to take us to the next level of development and expansion throughout Africa.”

Share this story
Why Raila avoided full ODM reshuffle
Prime Minister Raila Odinga bought time on naming a substantive replacement for Musalia Mudavadi at the Ministry of Local Government to reconcile competing regional interests that threaten ODM unity.
I eagerly await my baby's first steps
Spina Bifida, and though rare in the general population, it is the most common neural tube defect in the world
.
RECOMMENDED NEWS
Feedback