KenolKobil Declines Most in Five Weeks on Delay: Nairobi Mover
KenolKobil Ltd. (KNOC), 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 2.6 percent to 15.05 shillings by 2:34 p.m. in the capital, Nairobi. A close at this level would be 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.
Victoria Dix, head of media relations at Geneva-based Puma Energy, did not immediately respond to e-mailed questions about the status of the transaction.
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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