Connect with us

Hi, what are you looking for?


KenolKobil acquires 33 Delta Petroleum stations in Rwanda and Uganda

The buyout will see the total retail network of the KenolKobil group rise to 433 stations/FILE

NAIROBI, Kenya, Nov 8 – KenolKobil has agreed to acquire 33 service stations in Rwanda and Uganda from Delta Petroleum. 

The sell of assets has been reached through KenolKobil’s subsidiaries in Uganda and Rwanda.

The Board of KenolKobil company says the acquisition of the stations is expected to contribute to the group top and bottom lines.

“The acquisitions are in line with the Board’s growth strategy through organic and inorganic retail network expansion,” said a statement from the company’s Board, which added that it had been working on the transaction since February 2018 and is expected to conclude it by end of March 2019.

The buyout will see the total retail network of the KenolKobil group rise to 433 stations, of which 200 stations are in Kenya. Kobil Uganda’s retail outlets will increase to 56 stations while Kobil Rwanda will have 61 stations under its control.

Meanwhile, KenolKobil has put into perspective the allocation of Employee Stock Ownership Plan shares to the CEO, David Ohana.

The firm indicates that out of the 149 Million outstanding shares under the plan, Ohana has been awarded options to purchase 88 Million shares.

However, under existing ESOP rules an executive can only purchase up to 25 percent of the outstanding ESOP shares which in Ohana’s case, amounts to 37.25 million shares.

Genghis Capital predicts that the Board will amend these rules to accommodate the remaining 50.57 million shares from the 88 million shares awarded to Ohana.

The move will be beneficial to Rubis Energie which has proposed to acquire KenoKobil as it will have the CEO’s 88 million shares under its irrevocable undertaking.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...