According to a statement posted on its website the Hass Petroleum said, the transaction will boost its working capital and increase competitiveness in the open tender system.
“In turn, OTI will provide its supply and trading capabilities to strengthen Hass’ service offering, enhanced services to consumers and contribute to economic growth across the region,” the statement said.
Hass Petroleum said, the group will invest the additional funding from the transaction to enhance its market visibility by investing in additional distribution assets, specially service stations across its key markets in the region.
The Hass founder and management team will continue to operate the business and work closely with OTI to grow and continue long-standing relationships with customers, suppliers and regulators. The acquisition is in line with the respective companies’ long term strategies, the statement added.
“As a regular supplier of refined products to the Southern and East African region, this transaction will enable OTI and its new partner Hass to strengthen their businesses across a substantial African footprint,” the statement said.
Commenting on the development, Abdinasir Ali Hassan chairman and founder of Hass said “I am delighted to conclude this transaction with OTI. I am convinced that this partnership is a major step in ensuring Hass’ continued competitiveness across the region and I am confident that with OTI we can achieve our mutual long term growth aspirations.”
Incorporated in 1997, Hass Petroleum is a leading African oil marketing company in Eastern and Central Africa.