Acquisition of the majority interest of KenolKobil by Swiss based Puma Energy is progressing as planned, according to an update issued by KenolKobil on the transaction yesterday.

KenolKobil Group Managing Director Jacob Segman has said that Puma Energy will complete its due diligence on KenolKobil by the end of this month, meaning that Puma Energy will after this only need regulatory approval to buy KenolKobil.

“Puma Energy will complete its due diligence on the Company this month. We expect the outcome of the due diligence and subsequent negotiations to be satisfactory.” said Mr. Segman in the signed statement.

In addition, Mr. Segman has said that “much progress” has been made in getting the necessary regulatory approvals for the deal.

On KenolKobil’s 3.8 billion shilling half year loss posted late last week, Mr. Segman pointed to the profit warning the petroleum marketer released on the same in July. “Notwithstanding the expected interim loss experienced by the company, negotiations with Puma Energy continue to progress well, in line with expectations.”

KenolKobil shares have dropped 4.6 percent this week to yesterday's 3 month low of KES 14.40.

First news of a potential KenolKobil sale in June led the company’s employees to successfully block the deal through a court order which was later lifted.