Oil marketer Kenol acquires 33 Delta fuel stations in Uganda, Rwanda

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Listed Kenyan oil marketer KenolKobil (NSE:KENO) has acquired the operations of Delta Petroleum in Uganda and Rwanda by way of sale.
The oil marketing company Wednesday said the deal would see it get an additional 33 petrol stations, increasing its retail outlets in the region to 433.

“Delta Uganda is a leading oil marketing company in Uganda and has agreed to sell 23 retail outlets spread across Uganda.  Delta Rwanda is also in the oil marketing business and has a network comprising of 10 retail outlets spread across Rwanda, which are the subject of the sale,” said KenolKobil in a statement.

However, the deal is subject to legal and regulatory approvals, but the firm expects it to be concluded by end of March 2019.
“The acquisitions are in line with the board’s growth strategy through organic and inorganic retail network expansion,” said the statement.
French fuel company Rubis Energie in November announced a take-over offer of KSh23 per share for 75.01 percent of issued ordinary shares of the regional oil company a move likely to see it delisted from the Nairobi Securities Exchange.

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