Mergers and Acquisitions and Regional Support Manager Patrick Kondo said on Monday that the additional shareholding in Lublend Limited which was made by its subsidiary Kenol Zambia had increased its stake to 25.5 percent.
“The new acquisition will give the Group more control of the management of the plant and will also give it more representation in the company’s board,” he said in a statement.
The stake was acquired from Chevron and followed an initial 15 percent buyout from Total Zambia in 2008. Since the acquisition, the Ndola-based firm has boosted its business by 47 percent and increased supplies to various sectors such as mining, industrial, transport and construction.
Mr Kondo said the move would strengthen the company’s market share in the lubricants business in Zambia and was in line with their diversification strategy.
This approach has seen the company nearly double its retail network in Zambia to over 25 within the last two years.
“Together with its recent entry into supplying the mining sector, Kenol Zambia is seeking to consolidate its market position as the number three oil company in Zambia,” the manager added.
There are plans to intensify Kenol Zambia’s interests in the mining sector within the Copper Belt region and help it reduce the dominance by the multinational oil companies, he disclosed.
“It is looking beyond the Zambian borders to the export markets of the Lumbumbashi area of DR Congo, Zimbabwe and Malawi,” he further pointed out.
This announcement came barely four months after the oil marketer assumed effective control of its subsidiary in Burundi making it the seventh member in the KenolKobil Group.
Read more: http://www.capitalfm.co.ke/business/Kenyabusiness/KenolKobil-tightens-Zambia-grip-3652.html#ixzz0cys5G2rj
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[capitalfm]
Umulembwe wafipuba, wapwilile muli tumfwe!!!
:d even Kenyans buying companies and business ventures in Zambia. How many Zambians even are investing; except the ones that buy apartment( flats) in Europe with ZCCM and mwaiseni stolen money.
Zambian embassies can you not even organise such proposals to zambians in diaspora. What is wrong with this MMD party ????Is MMD policy to make Zambians dependent on foreigners in their own country???What programs are being made to help uneducated Zambians invest in their country??? Payroll can be a method PLease MMD love thy neighbor what kind of greed is this not empowering local Zambians???Do you enjoy Zambians having no wealth in their own country??MMD answer this question please ???
#3 Mind typo errors
This is not FDI at all, all we ar doing is giving foreign based companies to make a quick buck off ou asses!!
This is not FDI at all, all we ar doing is giving foreign based companies to make a quick buck off our asses!!
talk is cheap . . . .just put your money where your mouth is. Leave these guys alone. they identify investments and put in money . . . .this has nothing to do with MMD you fuuulls. Grow up and think.
:)>-can we have more investors of such nature please?
i like it when i hear about investments being made by visionary people.Go on Kobil!!:d:d:d:d:d
I dont know if you guys have seen the type of Filling stations this Kobil has established in Zambia. If you are calling that investment(#8), l really worried. If the play ground was neutral,l m sure a lot of Zambians can do better than these fun investors.
We must be careful what we give to the foreigners.