At the beginning of the month, Vivo Energy acquired Engen International Holdings by issuing 63.2 million new shares and $62.1million (R884m) in cash to Engen for a 5 percent stake.
The transaction allowed Vivo Energy to add 230 Engen branded service stations and eight new countries to its network, which now includes 2130 service stations across 23 African markets.
The eight new markets are Gabon, Malawi, Mozambique, Reunion, Rwanda, Tanzania, Zambia and Zimbabwe. Engen’s operations in Kenya, where Vivo Energy already operates, is the ninth country included in the transaction.
“Our current plans are to maintain the Engen brand in the eight new operating countries, as we believe that the Engen brand is strong and well-established. However, we will rebrand Engen service stations in Kenya to the Shell brand in accordance with the Shell Brand Licence Agreement,” the group said.