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Capital Markets

Biwott-linked KenolKobil trades 25pc of its stock

A worker at a Kenol Petrol Station in Eldoret town adjusts a fuel price board. Kenol Kobil accounted for 94.67 per cent of foreign activity at the NSE last Friday. FILE PHOTO | NMG
A worker at a Kenol Petrol Station in Eldoret town adjusts a fuel price board. Kenol Kobil accounted for 94.67 per cent of foreign activity at the NSE last Friday. FILE PHOTO | NMG 

Listed oil marketer KenolKobil #ticker:KENO had shares worth Sh5.4 billion traded last Friday in a session that raised chances that some major shareholders were exiting the company.

This represented 369.98 million shares or 25.1 per cent of the issued shares. As at January 11, 2016, foreigners controlled 51.79 per cent of the company’s total shareholding.

Local and East Africa-based investors had a total of 48.21 per cent of the total firm’s shareholding. The price remained at Sh14.70 a share, same as last Thursday.

Politician Nicholas Biwott, who died last year, held substantial shareholding in the company but his exact shareholding has remained largely in corporate and nominee entities.

Broker reports designated the seller(s) and buyer(s) foreigners, as the figures of each stood at Sh5.4 billion worth of shares.

Even in terms of the total foreign trading for the Nairobi Securities Exchange, KenolKobil contributed to most of the activity.

“Kenol Kobil Ltd accounted for 94.67 per cent of foreign activity, recording the day’s highest net foreign outflows,” said Genghis Capital in its summary of last Friday’s trading activity.

As at early 2016, the top two shareholders of the company were Israeli-owned Wells Petroleum Holdings Limited with a 20.56 per cent stake and Kenyan-owned Petro Holdings Limited with a 17.34 per cent shareholding.

Other top shareholders but with less than 10 per cent stakes were StanChart nominees with 8.64 per cent, Energy Resources Capital with 5.93 per cent, CFC Stanbic Nominees with 3.21 per cent and SCB A/C Pan African Unit with 3.67 per cent.

In terms of the total number of shares, Wells Petroleum had 302.6 million shares while Petro Holdings had 255.2 million shares.

The total number of issued shares of the company are 1.47 billion worth Sh21.6 billion as at the end of last Friday.

The 20-share index rose by 28.42 points in the course of last week to stand at 3737.17 points while market capitalisation hit Sh2.654 trillion.

The total turnover was Sh8.96 billion on a volume of 482.3 million shares. The NSE all-share index (NASI) rose by 2.33 per cent to 180.17 points, indicating the increase in prices across the entire market.

Foreigners dominated the market. “Foreign investor activity burgeoned in the session to account for 96.28 per cent of total market activity from 58.54 per cent recorded previously…. On overall, foreign investors were net buyers in the session for the third consecutive session,” said Genghis Capital.

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