This archive report was first published on 23 August 2019.
On August 23, 2019, KenolKobil was delisted from the Nairobi Securities Exchange (NSE) after being acquired by Rubis Énergie.
The acquisition of 100% shares of KenolKobil by Rubis Énergie disqualified the company from operating as a listed entity, as per the Capital Markets (Securities) (Public Offers Listings and Disclosures) Regulations 2002.
According to a public notice, the delisting was approved by the Capital Markets Authority, and all shareholders, investors, and the general public were advised to take note of the delisting.
Rubis Energie acquired the remaining shares it did not already own for Ksh 36 billion at Ksh 23 per share.
The takeover of KenolKobil placed Kenya as the 36th market in Africa, Europe, and the Caribbean, where Rubis has operations.
As a subsidiary of Rubis, KenolKobil adopted Rubis Group's financial and operational policies, as well as global quality and service provision standards.
Following the takeover, KenolKobil appointed Christian Cochet and Gilles Kauffeisen as directors, both with vast experience in the downstream oil and gas sector.
Christian Cochet, the Chief Executive Officer of Rubis Energie, stated that the deal was a vote of confidence in the Kenyan economy, which is a gateway into the East and Central Africa region.
