If it sails through, the deal will hence give Rubis, with a market value of US$4.7 billion, an entry into the East Africa oil market noting that KenolKobil operates in Ethiopia, Uganda, Rwanda, Burundi and Zambia.
The board of directors of East African oil marketer KenolKobil Plc have approved the sale of the company to Rubis Énergie and are recommending to the shareholders of the Company that they should accept the Take-over-Over.
In a statement signed by the Group Chairman James Mathenge the offer was opened to all shareholders of KenolKobil and will close on 18th February 2019.
The offer, proposes purchase of all outstanding shares in the firm not owned by Rubis Energie at Sh 23 which is a 19.8 percent premium to the current price of Sh19.20.
“The Board was served with the offer document by the offeror on 20th December 2018 after they had obtained the requisite regulatory approvals. The offer subsequently opened on 20th December 2018 and will close at 5pm on 18th February 2019.”
KenolKobil Group is a leading indigenous oil marketing brand in Africa with its Head office in Kenya and subsidiaries in Uganda, Rwanda, Zambia, Ethiopia and Burundi.
KenolKobil has been in operation since 1959 and is a public company listed on the Nairobi Securities Exchange (NSE).
Rubis, the French company specializes in storage, distribution and sale of petroleum, liquefied petroleum, gas (LPG), food and chemical products.
Rubis is a market leader in France, Swizerland, Bermuda, Jamaica, Madagascar, Morocco and French Antilles-Guiana and Senegal where its business is carried out by a number of subsidiaries including Coparef, Rubis Terminal, Vitogaz, Kelsey Gas Ltd, Lasfargaz and La Collette Terminal.
In a public announcement made through the NSE, Rubis is said to have reached a deal with two shareholders-Tasmin Limited and long-serving CEO David Ohana on acquisition of shares equivalent to 9.69 per cent of the company. The two owned 4.02 per cent and 5.67 per cent respectively.
If it sails through, the deal will hence give Rubis, with a market value of US$4.7 billion, an entry into the East Africa oil market noting that KenolKobi operates in Ethiopia, Uganda, Rwanda, Burundi and Zambia.
“Pursuant to an agreement dated October 23, 2018 between Rubis Énergie and Wells Petroleum Limited (“Wells”), Rubis Énergie agreed that if it were to make a take-over offer for the shares before October 22, 2019, then on the successful conclusion of such take-over offer, it will pay to Wells, an amount equal to the difference between the offer price per share ultimately paid by Rubis Énergie to other shareholders of KenolKobil pursuant to the offer and the market price paid to Wells by Rubis Énergie as set out above for every share that Rubis Énergie purchased from Wells pursuant to the block trade,” part of the announcement read.