French Petroleum products distributor Rubis Energie SAS, is looking to take over 100 per cent of the ordinary shares in the share capital of KenolKobil PLC. The multinational has proposed an offer price of Sh 23.00, which is a premium of 53.4% to the volume weighted average price (VWAP) at which shares of KenolKobil traded on the Nairobi Securities Exchange for the past 30 trading days up to 22 October 2018.
KenolKobil’s chief executive officer said on Wednesday a 24.9 per cent purchase of its stake by French fuel company Rubis Energie was a “done deal”.
David Ohana told a news conference in Nairobi that the two companies would now wait for Kenya’s capital markets regulator to process Rubis’ takeover offer of the remaining shareholdings in the company.
The Board of Directors of KenolKobil Plc, after receiving an independent financial advisor’s report on the cash offer, has considered the offer and has recommended that the shareholders of KenolKobil Plc accept the offer.
As the cash offer has been recommended for acceptance by KenolKobil Plc directors, and has received most of the requisite regulatory approvals, and given the attractive offer price, Rubis Énergie SAS is confident that the cash offer will be accepted by KenolKobil Plc shareholders and that the cash offer will complete successfully.
Delisting from the Nairobi Securities Exchange (NSE)
If the Offer is accepted by shareholders owning at least 90% of the shares of KenolKobil, Rubis Énergie says it “intends to apply the provisions of the Take- over Regulations and Part XXIV, Division 4 of the Companies Act, 2015 to compulsorily acquire the remaining shares of KenolKobil.”
“If Rubis Énergie eventually acquires at least 75% but fewer than 90% of the shares of KenolKobil, it may take steps to delist the shares of KenolKobil from the NSE, subject to receipt of necessary corporate and regulatory approvals.” adds the notice.