“Engen welcomes this investment opportunity. We have the utmost confidence in our future in Lesotho,” says Rashid Yusof, managing director and CEO of Engen Petroleum Limited.
The Lesotho operation has annual volumes of 36 million litres of retail and commercial fuel and lubricants, with just under 21% of the market. It operates a retail network of five sites. Engen already has interests in Lesotho, and the acquisition will see the firm boost its share of the market to 35%.
Engen is owned 80% by PETRONAS (Malaysia's national oil company) and 20% by SA's black-owned Worldwide Africa Investment Holdings. Its strategy is to increase its footprint and reach in the region through organic growth in the countries in which it currently operates and through selected acquisitions.
