RUBIS ENERGIE TO TAKE OVER KENOL KOBIL PLC

One of Kenya's most active energy and petroleum companies listed on the Nairobi stock market, is at the final States of being taken over by Rubis Energie and most likely being delisted.

According to the Company's Board Chairman, James Mathenga Rubis is to buy all shares of Kenol Mobil that it does not already own by paying Ksh 23 per share cash to affected shareholders.

He said that the take over notice was served on the Board of directors on December 20, 2018 after all regulatory approvals for it had been obtained.

Consequently, the Board met on the issue and resolved to recommend that shareholders should accept the proposal which technically opened on the same December 20 and remains open till February 18, this year.

The offer document was circulated amongst shareholders from this Friday January 11, 2019 and they can also access it through the company's website.

The offer price represents about 19.8% premium on the Ksh 19.20 per share quoted on the Nairobi Exchange on Thursday January 10.

It is also way above the Ksh 19.50 per share year high and Ksh 11.55 per share low by the same day.

On the same 10th however, 34,000 shares of Kenol Kobil were exchanged while it closed Ksh 19.20 after hitting day high of Ksh 19.50 per share.

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