Kenol-Kobil delisted from Nairobi Securities Exchange

Written By: O"Brien Kimani
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Kenol-Kobil has been dropped from the two main indices of the Nairobi Securities Exchange paving way for the exit  of the firm from the market.

The downstream and upstream oil firm was two months ago bought by French oil giant Rubis in a deal that rattled the market.

Kenol-Kobil was the first oil marketer to be listed on the stock market in 1957.

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A statement from the Nairobi Securities Exchange says the company has been replaced in the 20 and 25 share indices by Kenya Airways and Total Kenya respectively.

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In March, the shares of the oil firm were suspended from trading by the Capital Markets Authority after the 36 billion shillings buyout by Rubis was concluded after a series of controversies from lenders and a section of shareholders.

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CMA further sanctioned some managers of the firm and brokers for insider trading.

The exit of the firm leaves French firm Total Kenya as the only oil marketer whose shares are trading at the bourse.

Kenol Kobil went public 60 years ago, when the market was a private members club controlled by few brokers, who used to operate at the New Stanley Hotel.

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The de-listing of the firm from NSE brings to four the total number of companies that have exited from the Nairobi Securities Exchange in the last three years.

Marshall East Africa, Hutchings Biemer and A. Baumann have delisted from the Nairobi Securities Exchange in 2017.

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