Tanzania's Mittal brothers buy their third Vivo Energy business in three months
Mount Meru Group, owned by Tanzanian-raised brothers Atul and Arvind Mittal, is buying Vivo Energy's Rwanda and Malawi fuel businesses.
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Mount Meru Group, owned by Tanzanian-raised brothers Atul and Arvind Mittal, is buying Vivo Energy's Rwanda and Malawi fuel businesses.
Miguel Hamutenya's Nasan Energies completed its takeover of 52 Engen and Shell stations from Vivo Energy, making the 33-year-old entrepreneur Namibia's third-largest fuel retailer.
The merger of Vivo Energy and Engen marks a significant development in the African energy sector.
Vivo Energy is partially owned by Lawani, the co-founder and managing partner of Helios Investment Partners.
Lawani holds a direct 1.55-percent stake in Vivo Energy.
Vivo Energy is a British downstream petroleum company headquartered in London.
In its audited statement for 2020, the company reported plunging earnings and a 40-percent drop in profit.