CMA has approved the sale of KenolKobil to Rubis

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The Capital Markets Authority (CMA) has approved the sale of KenolKobil to Rubis Énergie SAS’. The cash offer has also been approved by the Competition Authority of Kenya (CAK) and the COMESA Competition Commission.

Rubis made the offer for the shares in October 2018 after which the board of directors engaged an independent financial advisor. The advisor’s report was favourable and so now the board has recommended that the shareholders accept the offer.

Rubis intends to purchase all the issued shares of KenolKobil at a price of Ksh. 23 per share. The share price is currently at Ksh. 19.20 which should make the Ksh. 23 offer by Rubis very attractive to shareholders. KenolKobil shareholders will be able to sell their shares from 14th January 2019 to 18th February 2019.

KenolKobil is a Kenyan oil company that deals in the supply, storage, distribution and retail of a wide range of petroleum products. It is headquartered in Kenya with subsidiaries in Burundi, Ethiopia, Kenya, Mozambique, Rwanda, Uganda and Zambia. It was founded in 1959 and it was listed on the Nairobi Securities Exchange (NSE) in the same year. It is one of the oldest publicly traded companies in Kenya and with the takeover by Rubis, the company will be delisted from the NSE marking the end of an era.

Rubis is a french multi-national company that was founded in 1990. It specializes in the storage, distribution and sale of petroleum, liquefied petroleum gas (LPG), food and chemical products. It is a market leader in France, Switzerland, Bermuda, Jamaica, Madagascar, Morocco, French Antilles-Guiana, and Senegal.

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