Kenya’s stock market sees exciting activity as Rubis Energie seeks to acquire the remaining 75% of Kenkobil’s shares at a valuation of U$ 335 million. This is a 54% premium on the VWAP as at 22 October 2018. Kenolkobil represents 1.1% of the AMI Big50, the company is Pan African downstream oil marketing and distribution company.
The acquisition will result in the delisting of the company from the Nairobi Stock Exchange.
We would be sad to see it go, as Africa needs more listings, KenoKobil is part of the 4.1% oil and gas exposure captured by the Big50. We will continue to monitor the stock until this corporate action is complete, at this point no dates have been announced.
We are happy because the company’s price has rallied 24% YTD and this has contributed to the positive return of the Big50, the current bid price is U$c 23.00, offering a further 16% when the pay-out happens.
Published by Cloud Atlas Team