Aug. 16 (Bloomberg) -- KenolKobil Ltd., a Kenya-based fuel retailer with operations in nine African nations, declined the most in five weeks on investor concerns about a delay in announcing an offer price to buy out minority shareholders.
The shares fell 2.3 percent to close at 15.10 shillings in the capital, Nairobi, the lowest since July 17.
“Investors are anxious waiting for the offer price so that they can move on,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today.
KenolKobil resumed trading on the Nairobi Securities Exchange on June 20, following a six-week suspension after the company said on May 8 its main shareholders agreed to sell their stake to Puma Energy BV, a unit of Trafigura Beheer BV. Puma will make an offer to buy 100 percent of KenolKobil after due diligence is completed, the Kenyan company said on May 15.
Puma Energy is working on providing an update of the transaction, Victoria Dix, head of media relations at the Geneva-based company, said in response to e-mailed questions. She didn’t say when it would be ready.
The stock has gained 52 percent this year and is the eighth-best performer on the Nairobi Securities Exchange All Share Index.
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