Rubis Energie has finally acquired 100 percent stake at KenolKobil, prompting the fuel company to be delisted from the Nairobi Securities Exchange (NSE) as from today.
This concludes a bumpy journey for the acquisition, which has left many casualties following reports of insider trading.
“The delisting has been approved by the Capital Markets Authority (CMA). We are therefore giving a notice on the delisting of KenolKobil from the Nairobi Securities Exchange effective August 23,” read an NSE communication.
KenolKobil, worth close to $225 million (Ksh22.5 billion) by market capitalisation, also operates in Ethiopia, Uganda, Rwanda, Burundi and Zambia. With a market value of about $4.7 billion (Ksh470 billion), Rubis already has operations in Africa, as well as Europe, Central America and the Caribbean.
The scandal that engulfed the takeover saw the bosses of two companies quit, becoming one of the biggest scandal in the history of NSE which could have left ‘selected few’ Ksh458 million richer.
The transaction was supposed to have ocured on October 22, 2018, in which Rubis was set to acquire 360 million shares from Moi era minister the late Nicholas Biwott’s firm, Wells Petroleum Ltd.
The information was leaked by former Krestel Capital boss, Andre DeSimone to stock broker Aly Khan Satchu who informed potential ‘investors’.
At the time, KenolKobil shares were trading at Ksh15 per share, but Rubis was willing to part with Ksh23 per share. Ksh8 profit was enough for the cartels, who decided to buy the shares from the ordinary shareholders to themselves.
Others who were mentioned in the scandal include Sally Kotut, Amanda Onyango, Christine Kuria, Charles Miriti, Gwen Kinisu, Martin Anyika, Samuel Wachira, Sheemah Rameshchandra and Mehul Patel among others.
Satchu has since been suspended from the market.