Rubis Energie finalized a share acquisition that gives it 97.6% ownership of KenolKobil, enabling the French multinational to begin compulsory delisting procedures from the Nairobi Securities Exchange (NSE). Shareholders representing 96.85% of the company's shares accepted the offer, surpassing the 75% threshold required for delisting.
The transaction involves 1.145 billion ordinary shares, with Rubis Energie acquiring 1.51 billion shares after the transfer. This follows the firm's initial purchase of 367.7 million shares (23.72%) in October 2018, according to company statements. Shareholders will receive Sh23 per share, totaling Sh26.35 billion in proceeds.
Despite allegations of insider trading that prompted investigations by the Capital Markets Authority (CMA) in 2019, Rubis Energie secured all regulatory approvals. The firm plans to compulsorily acquire the remaining 37.21 million shares not included in the initial offer, aiming for full ownership of KenolKobil.
The delisting follows a pattern of seven NSE exits in a decade, including Unilever Kenya (2008), Access Kenya (2013), Rea Vipingo (2015), and multiple companies in 2017. Rubis Energie has requested the CMA to suspend trading of KenolKobil shares until the acquisition completes.
