Hass Petroleum Group Sells 40% of its Shares to Oman Trading International

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The Chairman of Hass Petroleum- Mr. Abdinasir Ali Hassan (left) and Mr. Talal Hamid Al-Awfi sign agreements following the sale of Hass Shares to Oman based OTI in Muscat.

June 6 2017, Muscat, Oman – Hass Petroleum Group has sold 40% of its shares to Oman Trading International (OTI) in a move that will see the Kenyan oil marketing company embark on its strategic growth and expansion plans across Eastern, Central and Horn of Africa.

HPG will invest the additional funding from the transaction to enhance its market visibility through new distribution assets specifically Service Stations across key markets in the region. It will also boost the marketer’s working capital and increase competitiveness in the Open Tender System. In turn, 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.

The Hass founder and management team will continue to operate the business and work closely with OTI to grow and continue long-standing relationships with customers, suppliers and regulators.

This acquisition is in line with the respective companies’ long-term strategies.  OTI’s strategic priority of accelerating its growth by entering new emerging markets with high potential will fit well with Hass’s aspiration of being Africa’s leading oil marketing company.  As a regular supplier of refined products to the Southern and East African region, this transaction will enable OTI and its new partner Hass to strengthen their businesses across a substantial African footprint.

The completion of the transaction remains subject to approval by the relevant regulatory authorities in the various countries in which Hass operates in, including Kenya.

 

| This article contains Press Release material permitted for use on OYGK Mag

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