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Vivo Energy and Engen will get married – Energy Center

Engen and Vivo Energy announced the completion of the transaction to combine their respective businesses, with Petronas on Tuesday selling its 74% stake to Vivo Energy, creating a pan-African champion.

In a joint statement to the media, Vivo Energy Group CEO Stan Mittelman and Engen CEO and CEO Seelan Naidoo said: “We are delighted to conclude the transaction and will now work together to obtain the best of both from Engen”. and Vivo Energy, well positioning the combined organization for growth and success in the years ahead.”

They said they have committed to making significant investments in solar power generation projects to help transform the economy, while supporting a just energy transition for the country.

The combined group will have more than 3,900 service stations and more than two billion liters of storage capacity in 27 African countries.

Engen is the clear market leader in South Africa and has around 1,300 service stations in seven African countries.

Vivo Energy is a leading pan-African retailer and distributor of fuels and lubricants for retail and commercial customers, with more than 2,600 service stations in 23 African countries using the Engen and Shell brands.

“Combining Vivo Energy and Engen to create a pan-African champion not only benefits customers in South Africa and across the continent, but also sets the new group up to achieve its vision of being Africa’s leading and most respected energy business.” , he claimed. He continued Mittelman and Naidoo’s statement.

Petronas will sell its 74% stake in Engen to Vivo Energy upon completion.

The transaction will benefit Engen employees through a recently implemented 5% employee share ownership program, which will result in 26% of Engen South Africa being owned by previously disadvantaged parties.

Phembani Group, an Engen shareholder since 1999, is reported to hold a 21% stake in Engen.

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