Capital Markets Authority has approved a cash offer by Rubis Énergie SAS’ to buy all the issued ordinary shares of fuel seller Kenol Kobil. In this deal, the France-based petroleum firm acquire 75 per cent of Kenol Kobil. Other known shareholders are American firm UM Holdings, which controls 40.36 per cent stake, while Energy Resource Capital has 5.9 per cent stake. The offer documents will be posted to Kenol Kobil shareholders on January 14 and will close on February 18, 2019. If successful, the move is likely to see Kenol Kobil delisted from Nairobi Securities Exchange.

Source: The Star January 11, 2019 20:03 UTC