Nigerian industrialist Aliko Dangote said on 21 October that his group had bought about a quarter of Kenya Pipeline Company (KPC), the listed operator of Kenya’s main fuel pipelines and depots. The 24.76% stake, about 4.5 billion shares worth Sh42.5 billion (about $330 million), came from Kenyan public bodies through a block trade on the Nairobi Securities Exchange; President William Ruto had announced the sale a day earlier without naming the buyer. On 30 September Dangote broke ground on a planned Sh2.2 trillion ($16 billion) refinery at Lamu. The purchase gives the refinery’s owner a large stake in the network that distributes fuel across Kenya, linking refining and distribution under one investor.
Sources
- KBC: https://www.kbc.co.ke/dangote-acquires-25-stake-in-kenya-pipeline-for-ksh-42b/
- The Eastleigh Voice: https://eastleighvoice.co.ke/business/414616/nigerian-billionaire-aliko-dangote-buys-2476-per-cent-stake-in-kenya-pipeline-for-sh425-billion
- Capital FM: https://capitalfm.africa/aliko-dangote-acquires-24-76pc-stake-in-kpc-for-about-sh42-5bn/
- Capital FM: https://capitalfm.africa/ruto-defends-sh42bn-kenya-pipeline-share-transfer-says-deal-signals-investor-confidence/