Following the successful takeover deal by Rubis Energie, shares of the energy firm Kenol Kobil will remain suspended at the Nairobi Securities Exchange. The announcement was made by CMA in accordance with the law.
Currently, Rubis Energie is in the process of transferring shares from Kenol Kobil investors to its account. 97% of shares were offered to Rubis. The high uptake of the offer allows Rubis Energie to acquire 100 per cent of Kenol Kobil.R
Upon completion of shares transfer process and payments to Kenol Kobil investors, the company will apply to CMA to have Kenol Kobil delisted from the NSE.
Kenol Kobil’s exit from the NSE will mark the third company to leave the securities exchange in two years. Although NSE is seeking to list more companies, its CEO, Geoffrey Odundo said that Kenol Kobil’s departure is a good move as it is a sign that the exchange has attractive investments.