Dubai
Montfort Group announced the complete
acquisition of Kencor Petroleum Limited, an oil marketing company in Nairobi,
Kenya, that deals in import, export and local distribution of safe and
high-quality petroleum products.
The company was bought
from Galana Petroleum Investment Ltd. This acquisition marks Montfort’s
strategic entry into East Africa, one of Africa’s major markets. The
acquisition of Kencor, an active participant in Kenyan Open Tender System (OTS)
imports, is the first step to achieving Montfort’s goal of expanding its
operations into the region and neighboring countries.
The move is in line with
Montfort’s roadmap and lays a strong foundation for the company’s aspirations
of acquiring and developing a portfolio of high growth potential operations in
Africa.
Montfort is a group of companies with a diverse portfolio of
commodity related businesses, run by efficient management with decades of
experience in commodity trade. One of the key focusesof the Group is to drive
the sector’s market growth by leveraging their unparalleled experience and
reputation in delivering quality products to the global market while investing
in an asset base that supports fulfilling energy needs to the end consumer.
Source: Montfort Press Release
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