NAIROBI, Kenya, Oct 25 – The Capital Markets Authority (CMA) is investigating the proposed takeover bid of KenolKobil by French oil distributor, Rubis Énergie.
The authority said it identified potentially irregular trading of the KenolKobil counter in the run-up to the issue of the Notice of Intention by Rubis Énergie.
“Consequently, in connection with these investigations the Authority has instructed the Central Depository and Settlement Corporation to place a freeze on the suspected accounts to allow for the conduct of the necessary inquiries,” reads a statement from CMA.
Rubis Energie has proposed a take-over offer of 75.01 per cent of the issued ordinary shares of KenolKobil, after it had already acquired 24.99 per cent of the capital shares.
The move will see Rubis take full ownership of the company and the delisting of the company from the Nairobi Securities Exchange.
The proposed offer price is at Sh23, a 50.3 percent premium valuing the takeover at Sh35.668 billion.