French fuel storage company, Rubis Energie, has successfully concluded its takeover of KenolKobil in a Ksh36 billion transaction, making it the largest foreign direct investment deal in recent years.
In the just-concluded transaction, Rubis received acceptances for shares that brings its stake in KenolKobil to 97.6 percent, marking the offer as the most successful public offer for a listed company in Kenyan history.
Payments to shareholders who accepted the Rubis offer are being processed.
Rubis has now started the process to purchase the remaining shares in KenolKobil representing 2.4% of the issued shares of KenolKobil by way of compulsory acquisition as provided for in the Companies Act.
Thereafter, the application shall be made to the Capital Markets Authority to delist KenolKobil from the NSE.
KenolKobil has now appointed two new directors to its board – Mr Christian Cochet and Mr Gilles Kauffeisen – both veteran experts in downstream oil and gas sector.
The Chief Executive Officer of Rubis Energie, Christian Cochet, said that the deal, its maiden investment in East Africa is a vote of confidence in the Kenyan economy, which is a gateway into the East and Central Africa region, and the conclusion of the deal coincides with the state visit of President Macron of France to Kenya.
Rubis is keen to play a major role in improving trading and investment relationships between Kenya and France