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KenolKobil and Engen in Zimbabwe Joint Venture..

by Riba on September 14, 2009

ZimbabweEngen, South Africa’s leading refined petroleum products company, and KenolKobil , the largest indigenous African petroleum marketing company in the East and Central African Region, have signed a sale and purchase agreement to jointly acquire all the shares in Shell Zimbabwe and BP Zimbabwe.

The acquired entities were previously operated by BP on behalf of the joint venture which marketed under both the BP and Shell brands in Zimbabwe.

With this transaction, Engen and KenolKobil have acquired the best developed assets in the oil industry in Zimbabwe, consisting of more than 75 service stations spread across the country, as well as several depots, located in Harare, Bulawayo,Mutare, Gweru and other major towns in Zimbabwe.

This seems a good move especially if the coalition govt. in Zimbabwe can hold it together and emerge as a better  run country which would only mean an upside for KenolKobil and with this move now KenolKobil has a footprint in East, Central and Southern Africa Regions.

The acquisition is in line with KenolKobil’s expansionary plans, as evidenced by the recent entry into Burundi where they acquired from Engen in Burundi; Oil Burundi Limited.

KenolKobil was suspended from the NSE today as this transaction takes place.

Post based on KenolKobil press release to be found here from KenolKobil and here the softcopy for download.

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Zain sells 46% to Indian/Malaysian consortium for $13.7Bn

by Riba on September 14, 2009

Kuwzain logoait based Zain which operates in 24 countries and has nearly 70M mobile subscribers has signed a $13.7Bn deal, transferring a 46 per cent ownership of the company (Zain Group) to an Indian/Malaysian telecoms consortium.

The buying consortium is led by  India’s conglomerate Vavasi Group and Syed Mokhtar al-Bukhary, a Malaysian billionaire. This sounds like another name change is on the cards.

Its now not clear if the Zain Group is still interested in selling off its African assets as reported here.

Although separate reports indicated that the Zain Africa sale seems to be still on, but Morocco and Sudan businesses will not be up for sale in the Africa assets batch. Which after Vivendi walked out of a deal is now in talks with Reliance Communications of India.
But this will depend on whether these new shareholders are willing to let go those ‘valuable’ African assets, or prefer to reinvest in them and grow the businesses. More details here.

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