KenolKobil Ltd. (KNOC), a Kenyan fuel retailer with operations in nine African countries, gained the most in more than two months after the Times of Zambia reported it was shortlisted for a tender by the Zambian government.
The stock climbed 3.8 percent to 12.50 shillings by 3 p.m. in the capital, Nairobi, the largest increase since Feb. 16, according to data compiled by Bloomberg.
KenolKobil is one of six companies shortlisted by Zambia’s ministry of Energy, Mines, and Water Development to supply petroleum products and crude oil, the newspaper reported yesterday. In February the government invited tenders for the supply of 1.4 million tons of oil after the expiry of a contract with Glencore under a two-year arrangement from March 2010, the newspaper said.
Patrick Kondo, the company’s mergers and acquisitions manager wasn’t immediately available to comment.
“It is one of the indigenous businesses with the largest exposure in sub Saharan Africa,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today.
KenolKobil increased its stake in Zambia’s Lublend Ltd. to 25.5 percent after it bought an additional 10.5 percent stake from Chevron Corp. (CVX:US), having earlier acquired 15 percent of Lublend from Total Zambia Ltd. (FP), it said in January 2010.
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