Another Hurdle In The Planned Takeover Of KenolKobil

cropped-leaderboard-ad

Delina Enterprises, a firm allegedly owed over Kshs. 240 million by KenolKobil Ltd has successfully secured a temporary injunction from the High Court halting the takeover of the oil marketer by Rubis Energie. While issuing the order, High Court judge, Margaret Muigai observed: “A temporary injunction is hereby issued to KenolKobil and its agents stopping the completion of the takeover transaction by shareholders by voting on offer.”

KenolKobil started the process of selling its entire stock to Rubis Energie, a French firm, last October.  Delina is therefore seeking to ensure that its debt is fully settled by the Nairobi Securities Exchange listed oil marketer before it is fully acquired by Rubis Energie.

In that breath, the judge has directed Delina to provide the court with detailed evidence of the debt. The firm should also demonstrate how the proposed KenolKobil takeover by Rubis Energie will affect the former’s ability to settle the over Kshs. 240 million debt. The hearing of the application which KenolKobil has been directed to respond to will commence tomorrow given the urgency of the matter.

cropped-leaderboard-ad