The Nairobi Securities Exchange has announced the suspension of trading for KenolKobil shares.
According to Reuters report, the sanctions on the oil marketer, which is in the process of a takeover by Swiss-based Puma Energy, was announced by the Kenyan bourse today.
Puma had made an offer to acquire all the shares in KenolKobil, which reported net sales of $2.5 billion last year and earnings of $59 million. KenolKobil also confirmed a deal would be in place after due diligence, regulatory approval and price confirmation.
This development confirms KenolKobil’s hints at delisting from the stock exchange prior to the imminent takeover.