Oman Trading International 40% acquisition of Hass Petroleum Group
Hass Petroleum Group has sold 40% of its shares to Oman Trading International (OTI) in a move that will see the Kenyan oil marketing company embark on its strategic growth and expansion plans across the Eastern, Central and Horn of Africa.
The Group will use the funding raised from the transaction to enhance its market visibility by investing in additional distribution assets – service stations – across its key markets in the region. It will also boost the company’s working capital and increase competitiveness in the Open Tender System. In turn, OTI will provide its supply and trading capabilities to strengthen the Hass service offering, enhance services to consumers and contribute to economic growth across the region.
Chairman and founder of Hass, Abdinasir Ali Hassan said: “I am delighted to conclude this transaction with OTI. I am convinced that this partnership is a major step in ensuring Hass’ continued competitiveness across the region and I am confident that with OTI we can achieve our mutual long term growth aspirations.”
CEO of OTI, Talal Hamid Al-Awfi said: “We are delighted to move onto the next phase of growth for OTI, agreeing our first major investment into Africa with Hass. Hass is a unique business with substantial scale and growth potential where we have enjoyed a long-standing relationship; most importantly we share a common understanding and vision of the African energy market.”
22nd June 2017