Hass Petroleum group has sold 40 per cent of its shares to Oman Trading International (OTI) in a move that will see the oil marketing company embark on its strategic growth and expansion plans across the region.
Signing of the agreement took place on Wednesday at Hass headquarters in Nairobi. The development means Hass will invest the additional funding from the transaction to enhance its market through new distribution assets, specifically service stations across the region.
The move is also intended to boost the marketer's working capital and increase competitiveness in the open tender system.
On the other hand, OTI will provide its supply and trading capabilities to strengthen the Hass service offering, enhance services to consumers and contribute to economic growth across the region.
Abdinasir Ali Hassan, the Hass chairman and founder, welcomed the deal. "I am delighted to conclude this transaction with OTI. I am convinced that this partnership is a major step in ensuring Hass' continued competitiveness across the region and I am confident that with OTI, we can achieve our mutual long-term growth aspirations."
On his part, Talal Hamid Al-Awfi, the CEO of OTI, expressed satisfaction at the conclusion of the deal.
"We are delighted to move onto the next phase of growth for OTI, agreeing our first major investment into Africa with Hass. Hass is a unique business with substantial scale and growth potential where we have enjoyed a long-standing relationship; most importantly we share a common understanding and vision of the African energy market."