Kenyan-based oil marketer KenolKobil has acquired 33 service stations owned by Delta Petroleum Company in Uganda and Rwanda.
The PanAfrican oil firm acquired 23 outlets from Delta Petroleum Limited Uganda and 10 in Rwanda by way of sale yesterday.
In a public notice, KenolKobil said the acquisitions are in line with the board’s growth strategy through organic and inorganic retail network expansion.
‘’Delta is a leading oil marketing firm in Uganda and has agreed to sell 23 retails while Delta Rwanda has a network comprising 10 outlets which are the subject of the sale,’’ KenolKobil said in a notice.
The firm said acquisition of 33 stations is expected to contribute to the group top and bottom lines.
Subject to successful conclusion of transaction, KenolKobil will have expanded its stations to 433, with 200 in Kenya. Uganda’s network will reach 56 outlets while Kobil Rwanda will have 61 stations. The notice asked investors and the public to take caution when dealing in securities for the company.
Late last month, French fuel company Rubis Energie announced intention to acquire KenolKobil Kenya, a move likely to see it delisted from the Nairobi Securities Exchange.
Rubis last month announced a take-over offer of Sh23 per share for 75.01 per cent of issued ordinary shares of the regional oil company.