French fuel company Rubis Energie is set to buy out Kenyan oil marketing and distribution company, KenolKobil.
Rubis Energie has proposed a take-over offer of 75.01 percent of the issued ordinary shares of KenolKobil which will see the company delist from the Nairobi Securities Exchange.
The proposed offer price is at Ksh23 per share. By the close of business day at the Nairobi Stock E, KenolKobil shares were retailing at Ksh15.30.
Read: Kenya Power Profits Nosedive As Graft Cases Intensify
KenolKobil which operates in Kenya, Ethiopia, Uganda, Rwanda, Burundi and Zambia is worth close to $225 million (Ksh22.5 billion) by market capitalisation.
On its part, Rubis which has a market value of about $4.7 billion (Ksh470 billion), operates in Africa, Europe, Central America and the Caribbean.
This comes even as the government implements the 8 per cent Value Added Tax (VAT) on fuel.
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