KenolKobil is officially delisted from trading at the Nairobi Securities Exchange after Rubis Energie buys 100 percent of its shares.
Through an announcement, NSE said that KenolKobil no longer exists as a listed entity as of August 23, 2019, following Rubis’ takeover citing that the delisting was approved by the Capital Markets Authority.
Rubis Energie is a French fuel storage and distribution company with a market value of about 4.7 billion dollars has operations in 12 African countries( but not in East Africa), as well as Europe, Central America, and the Caribbean.
This deal now means that Rubis will have to start running its operations in East Africa for the first time.
Rubis had made an announcement last year that it had plans to takeover KenolKobil and its proposal was endorsed by oil marketer’s board in January 2019.
Prior to the takeover, KenolKobil worth close to 225 million dollars by market capitalization and it had operations in several African countries including; Kenya, Ethiopia, Uganda, Rwanda, Burundi, and Zambia.