Sacoil Gains Afric Oil Stake

Wednesday, March 8, 2017

Sacoil signed a deal which will give it a 71% stake in South Africa fuel distributor, Afric Oil Group. The company signed agreements that have it acquiring 100% of Phembani Oil Proprietary Ltd. from Gentacure Proprietary Ltd. and its holding company, Moopong Investments Holdings Proprietary Ltd. Phembani Oil’s only asset is a 71% direct interest in Afric Oil Group.

Afric distributes over 30 million liters of fuel products, including diesel, petrol, and paraffin monthly.

Following completion of the acquisition, SacOil will hold a 71% indirect interest in Afric Oil, with the remaining 29% interest held by The Compensation Fund, a fund managed South African fund manager PIC.

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