NAIROBI, Kenya, July 17 – Kenya Oil Company Limited (Kenol) has formally changed its name to KenolKobil Limited following the completion of the acquisition process of the entire assets of Kobil by Kenol.
“The move reflects a consolidation of all the assets and operations of the two companies into a single entity with two distribution brands,” said KenolKobil’s Acting Group Managing Director, Mr Jacob Segman, in a letter to the Nairobi Stock Exchange.
Prior to the acquisition, the two companies operated under a joint management agreement, but they were two separate entities, with Kenol being a public listed company and Kobil being a private company incorporated in the United States of America.
“The change of name does not, however, change the legal status nor the structure of the company neither does it affect any rights or obligations of the newly registered KenolKobil Limited,” said Mr Segman.
The notice says the newly registered company is projected to be a much stronger public listed entity and it will position itself as a market leader not just in Kenya but in the East, Central and South African region as a whole.
KenolKobil Limited will have stronger financially to deal with equity producers in the Arab Gulf region, and will have a stronger and more appealing visibility on the Retail sector across the Region according to Mr Segman.
He added: “A new corporate identity will be unveiled in due course.
“KenolKobil Limited remains committed to its customers, its stakeholders and its core business and hence assumes this new name in a bid to strengthen and broaden its Kenyan and Regional presence in line with the Company’s vision: To be the Leading Brand in All Markets we Operate in, and a Major Player in Africa,” assured Mr Segman.
The amalgamation of the two entities’ management is also expected to enhance economies of scale and save on cost.
KenolKobil Limited controls about a quarter of the Kenyan oil market with 13 depot terminals from which it will supply its service stations network, and 390 outlets in the region. These includes 162 in Kenya, 62 stations Uganda, 20 in Tanzania, 39 stations in Rwanda, 81 stations in Ethiopia while Zambia has 26 outlets.