Oil and gas multinational Petronas will sell its 74% shareholding in Engen to Vivo Energy. The transaction is currently pending regulatory approvals and fulfilment of conditions precedent. Engen has about 1 300 service stations across seven African countries, including South Africa. Vivo Energy is a major pan-African retailer and distributor of fuels and lubricants to retail and commercial customers, with more than 2 600 service stations across 23 African countries, using the Engen and Shell brands. Meanwhile, industrial holding company Phembani Group, which is Petronas’ long-standing partner in Africa and Engen’s broad-based black economic empowerment shareholder, is continuing its strong association with Engen and will remain invested as a 21% shareholder in the South African business. The transaction will benefit employees of Engen through a newly implemented 5% employee share ownership programme, resulting in Engen South Africa being 26% owned by previously disadvantaged parties.
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