BY MISHMA CHAKANYUKA
Vivo Energy, the regional oil giant which recently concluded the takeover of Engen, says it will maintain the Engen brand in Zimbabwe and its other new markets.
The deal saw Vivo take over operations in eight new countries and 230 Engen-branded service stations being added to Vivo Energy’s network, taking its total presence to over 2 000 service stations across 23 African markets.
The new markets for Vivo Energy are Gabon, Malawi, Mozambique, Reunion, Rwanda, Tanzania, Zambia and Zimbabwe. Engen’s Kenya operation (where Vivo Energy already operates) is the ninth country included in the transaction.
“Vivo Energy’s current plans are to maintain the Engen brand in Zimbabwe and the other new operating countries, as we believe that the Engen brand is strong and well established.
“However, in Kenya, where we already have a strong presence with the Shell brand, we will rebrand Engen service stations to the Shell brand,” Vivo Energy said in a statement.
“The key priority for Vivo Energy in Zimbabwe, and its other new markets, is to invest to grow its business for the long-term.
“This is Vivo Energy’s track record in every single country that it bought from Shell since 2011.
“With this comes opportunities for people to develop and grow and, hopefully, to create more employment.
“Vivo Energy’s immediate focus will be on quickly integrating the new Engen businesses, ensuring they follow Vivo Energy’s operational systems and best practice that have successfully grown and developed Vivo Energy over the last seven years.”
The deal saw Engen taking up a 5% stake in Vivo, which debuted on the London Stock Exchange in May last year with a valuation of nearly two billion pounds, the largest Africa-focused IPO in more than a decade.