Oil marketer KenolKobil #ticker:KENO has amended its employee share ownership plan (Esop) rules, allowing its chief executive David Ohana to sell all of his 88 million shares to French firm Rubis Energie for Sh2 billion.
The Capital Markets Authority (CMA) in November challenged the oil marketer’s move to issue Mr Ohana with 88 million shares, saying the Esop rules allowed him to take up a maximum of 37.25 million shares being 25 per cent of the 149 million units outstanding in the scheme.
