French fuel storage and distribution company Rubis SCA has announced an ‘extensive reorganization’ after it acquired KenolKobil Ltd stations in Uganda and Rwanda.
“The integration of KenolKobil is under way. The new team is embarking on an extensive reorganization of the acquired operations in order to bring them into line with Group standards,” it said in its first half of 2019 financial results.
The integration will focus on internal control, organization, and governance.
In its financial performance, Rubis said in Africa the volumes for the first half of the year incorporated KenolKobil over one quarter bringing volume growth in the region to 48%.
“Rubis Énergie registered an increase in distributed volumes of 13% (up 1.5% on a like-for-like basis, stripping out exceptionals) and EBIT growth of 16% (up 13% like-for-like), thanks to a positive dynamic in activity and margins across all products and geographical regions,” according to its financial performance.
KenolKobil was de-listed from the Nairobi Securities Exchange after a successful takeover by Rubis Energie. In 2018, the French oil firm began the quest to acquire KenolKobil which is worth close to $225 million by market capitisation.
Rubis, a downstream fuel industry specialist in fuel retailing, support and services including refining, shipping, supply, and terminal operations with operations in 35 countries across Europe, the Caribbean, Africa, and the Indian Ocean.