Board approves Kenol Kobil sale to French firm

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Kampala, Uganda | THE INDEPENDENT | The board of the regional oil marketer, Kenol Kobil, has approved the proposed takeover of the firm by the French based company, Rubis Energie. The shareholders, however, have until February 18 to accept or decline the offer, according to reports from Kenya’s local dailies.

“After deliberations and on the basis of independent financial advice, the directors (of KenolKobil) are recommending to the shareholders of the company that they should accept the takeover offer by Rubis Energie,” Kenol Kobil chairman, James Mathenge said in a statement.

The French firm already owns a 25% stake in Kenol Kobil that it bought from Wells Petroleum in October 2018. Rubis has proposed to pay Ksh23 a share for the remaining 75% stake, valuing the company at Kshs Sh35.7 billion Rubis already operates in 12 African countries in the mid and downstream oil market, but has no presence in the Eastern and Central Africa region.