New KenolKobil investor takes up two board seats

French firm Rubis Énergie has taken up two seats on the KenolKobil #ticker:KENO board after the successful takeover of the local oil marketer in Sh36 billion deal.

Christian Cochet, chief executive at Rubis Énergie and the firm’s chief financial officer Gilles Kauffeisen will now sit on the KenolKobil board in the first of what are expected to be substantial changes in the management and oversight teams at the oil marketer.

Rubis Énergie is a fully owned subsidiary of Rubis SCA, a holding company that is listed on the Euronext Paris Stock Exchange.

The French firm now owns 97.6 percent of KenolKobil after the takeover and is set to buy out the remaining shares in the coming weeks.

“As a subsidiary of Rubis, KenolKobil will adopt Rubis Group’s financial and operational policies, as well as global quality and service provision standards. It will also enjoy access to the group’s global experience and expertise in infrastructure, transport and supply service,” said Rubis in a statement.

The firm bought a 24.9 percent stake or 367 million shares in Kenol in October before offering to buy the remaining 1.183 billion issued units at Sh23 apiece.