This archive report was first published on 23 August 2019.
KenolKobil, a leading oil marketer in East Africa, has been delisted from the Nairobi Securities Exchange (NSE) effective August 23, 2019. The delisting comes after the French fuel storage and distribution company Rubis Energie acquired 100% shares of KenolKobil, disqualifying it from operating as a listed entity.
According to the NSE, the delisting has been approved by the Capital Markets Authority. This move follows the announcement by Rubis SCA in 2018 to buy KenolKobil, which was later endorsed by the oil marketer's board in January 2019.
KenolKobil, worth approximately $225 million by market capitalization, operates in several countries, including Ethiopia, Uganda, Rwanda, Burundi, and Zambia. Rubis, with a market value of about $4.7 billion, already has operations in Africa, Europe, Central America, and the Caribbean.
