Vivo Energy has officially acquired a 74% shareholding in Engen - the owner of South Africa's largest fuel network - creating a Pan-African fuel and lubricants giant with over 3 900 service stations, and more than two billion litres of storage capacity across 28 markets on the continent.
The majority stake was on Tuesday sold by Malaysian oil giant Petronas to Vivo Energy, a wholly owned subsidiary of commodity trader, Vitol. The Vivo-Engen transaction was announced in February last year, following which the parties worked to secure regulatory approvals and fulfilment of conditions precedent across the seven African markets in which Engen operates. These have now been completed, with conditions.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.