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Kenol Kobil deal off!
Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Quote:Although the company officials have chosen to remain silent on the progress made in the bid to have a strategic investor on board, recent developments point to a possible buyout by a local oil marketer. Sources familiar with the progress have told Smart Company that the company is in talks with one of the leading local oil marketers for a possible buyout. ... do these reporters know the meaning of the word "buyout" ... gather that NOCK is only interested in some assets that it wants KeKe to sell to it ... say NOCK wants to cannibalise KeKe in the name of buying the "idle assets"
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Rank: Elder Joined: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831
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mwekez@ji wrote:Quote:Although the company officials have chosen to remain silent on the progress made in the bid to have a strategic investor on board, recent developments point to a possible buyout by a local oil marketer. Sources familiar with the progress have told Smart Company that the company is in talks with one of the leading local oil marketers for a possible buyout. ... do these reporters know the meaning of the word "buyout" ... gather that NOCK is only interested in some assets that it wants KeKe to sell to it ... say NOCK wants to cannibalise KeKe in the name of buying the "idle assets" All news houses should be compelled to have consultants before they publish technical news. A business news consultant will be handy for BD. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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dunkang wrote:Quote:KenolKobil, Kenya’s second largest oil marketer, is on the verge of collapse unless the government and its agencies change their stance on the once politically connected company in the country.
The oil marketer, controlling about 21 per cent of the oil market, has been locked out of the only two avenues of importing oil products in the country — the open tender system (OTS) and allocation through Kenya Petroleum Refineries Ltd (KPRL).
According to an insider who sought anonymity due to the sensitivity of the matter, this has forced the oil marketer to buy oil products “from here and there” to keep its outlets in operation.
“The company is still not allocated fuel products from the refinery and it cannot participate in the OTS as well. This has forced it to survive on purchasing fuel from other marketers, leaving very little profit margin, if at all there is any,” the source told Smart Company on Friday. Someone here almost killed me, calling me a KANU sympathiser when i said a businessman with a piece of brain should NEVER engage the government in any tussle, be it verbal or legal. Just ask Dagonte. Now this is what 'genius' Sengeman has brought to KK investors. ] @dunkang, Are you suggesting that we, Kenyans should always tag tails between our legs even when the gov't is on the wrong? If so, where would the gov't stop?
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Rank: Elder Joined: 6/2/2011 Posts: 4,824 Location: -1.2107, 36.8831
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@mkeiyd, you engage the government in talks. Remember how MTR came down? Discuss the issues and look for a way out. Yu and Airtel held talks with CCK, and rates were even back dated. The KK approach was wrong. Refusing to pay for fuel, then rushing to court for compensation because of a contentious report. FYI, any government has nothing to benefit by your collapsing as a businessman, but if you decide that you will blackmail it, YOU DEFINATELY have to change your act or die. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 2/18/2011 Posts: 448
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You know even uchumi went down,signs were there but some were adamant investors always defended it,they awaited 5 years for a relisting....kk is getting cash strapped,will they find a new source of funds to pump in or go down?
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Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi
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dunkang wrote:@mkeiyd, you engage the government in talks. Remember how MTR came down? Discuss the issues and look for a way out.
Yu and Airtel held talks with CCK, and rates were even back dated.
The KK approach was wrong. Refusing to pay for fuel, then rushing to court for compensation because of a contentious report.
FYI, any government has nothing to benefit by your collapsing as a businessman, but if you decide that you will blackmail it, YOU DEFINATELY have to change your act or die.
Talking to the govt is all OK but not when you have to sell your soul. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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Losing a case among the many cases kk has can have it received,if ordered to pay huge sums. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 2/7/2013 Posts: 447 Location: Nairobi
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[quote=mkeiyd][quote=dunkang] Quote:KenolKobil, Kenya’s second largest oil marketer, is on the verge of collapse unless the government and its agencies change their stance on the once politically connected company in the country.
The oil marketer, controlling about 21 per cent of the oil market, has been locked out of the only two avenues of importing oil products in the country — the open tender system (OTS) and allocation through Kenya Petroleum Refineries Ltd (KPRL).
According to an insider who sought anonymity due to the sensitivity of the matter, this has forced the oil marketer to buy oil products “from here and there” to keep its outlets in operation.
“The company is still not allocated fuel products from the refinery and it cannot participate in the OTS as well. This has forced it to survive on purchasing fuel from other marketers, leaving very little profit margin, if at all there is any,” the source told Smart Company on Friday. You cant win, unless you first begin....
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Rank: Member Joined: 2/8/2007 Posts: 808
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Immmaculate is twat of a journalist and embarassment to her teachers. KK did 4.7m cubic meters of oil in 2012. Lets assume 2m cubic meters was OTS going through KOSIF ullage. Then how would a company that does 2.7m cubic meters in other words 2.7m tonnes of fuel in 10 african countries have 5,000 cubic meters of storage space in Kenya. Is she suggesting the rest of the oil is traded via text or email ama?
The thing is KK has been the only brave oil marketer fighting the REAL cartels at the ministry of energy and KPRL who want to profit for no investment. The one company that is going to shut for sure is KPRL. It owes marketers 7B and karambu ackowledges that much so how is it that she didn't find that a story worth verifying of providing more details?
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