Rubis To Buy Out KenolKobil In Expansion Bid

French fuel company Rubis Energie has expressed intrest in Kenyan oil marketing and distribution company, KenolKobil.

Rubis is set to spend Ksh33.8 billion to acquire the 75 per cent stake at KenolKobil.

The French company is set to acquire 75.01 percent of the issued ordinary shares of KenolKobil. This will see KenolKobil delist from the Nairobi Securities Exchange (NSE).

The fee will rise to Ksh35.6 billion when Rubis lists additional shares to the trustees, a process that is set to be concluded by October 31.

The additional shares will raise the required stake in KenolKobil to 76.28% that the French firm needs to complete the takeover.

KenolKobil which operates in Kenya, Ethiopia, Uganda, Rwanda, Burundi and Zambia is worth close to $225 million (Ksh22.5 billion) by market capitalisation.

On its part, Rubis which has a market value of about $4.7 billion (Ksh470 billion), operates in Africa, Europe, Central America and the Caribbean.

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