Kenya: Kenolkobil Acquisition on track, says Puma
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Thursday, 09 August 2012 |
Puma energy has insisted that all the aspects of its acquisition of Kenolkobil are going according to plan, refuting local media reports of delays in the process. Victoria Dix, Puma’s Communications and Media Officer, said that the process had been positive to date. “Puma Energy has been in an ongoing and healthy dialogue with the government, regulators and the CMA since 8th May. We are open to meeting with any other groups that we need to,” she added.
“The due diligence phase is underway. Once this process is completed and final discussions concluded, we will be in a position to announce next steps,” said a statement from the company. Kobil Rwanda’s Country Director, Ngugi Patrick, separately spoke of the benefits that the major acquisition offered to consumers. “This is a company that is going to add a touch of experience from a wider market to benefit us. Kobil does retailing of the products alone, so merging with a company that owns refineries will help reduce operational costs which in return reduces consumer prices,” he said.
Neither side in the transaction has yet to set a time limit on the deal, estimated to be worth over $500m.
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