This archive report was first published on 16 July 2020.
On July 16, 2020, businessman and former Youth Enterprise Fund boss Gor Semelang'o sold 45% of his shareholding in the Petro Kenya Oil Company Limited to a United Arab Emirates-based company.
The shares were valued at over KSh 4.5 billion, making it a significant transaction in the oil industry.
Co-owner Paul Gatheca Muhoho, uncle to President Uhuru Kenyatta, will now hold a majority stake in the company after Semelang'o's sale.
Transaction advisers revealed that Semelang'o sold the shares after discussions and agreements, allowing him to retain only 8% stakes in the company.
The sale follows a recent clearance of a debt by Semelang'o, who was facing a prison term in a civil jail.
He had owed the law firm of George Miyare, Atonga and Miyare and Associates Advocates millions of shillings, which he paid to avoid a civil jail.
As part of the deal, Semelang'o also confirmed that he had sold part of his shares in Petro Kenya Oil Limited.
Petro Kenya Oil Company is a major oil importer in the country, and the sale of shares has sparked interest in the industry.
