Vivo Energy Rwanda that markets and distributes Engen-branded fuels and lubricants in Rwanda, has acquired Energy Solution (ENES) and GEMECA petroleum assets in a move that will increase its retail network from 24 to 40 service station sites across the country.
Currently, the ENES and GEMECA branded service stations are being rebranded to Engen.
With more retail outlets, the company is positioning itself to offer better products and services on the market.
Vivo Energy Rwanda also plans to increase its network by 13 operational service stations and three new land banks that will be developed within the next 12 months.
Mr. Salbon Caulbary, the Managing Director of Vivo Energy Rwanda says the company is expanding across the country to grow its business operations.
“Our return network will definitely grow by 6 percent. We will be better close to the hand users and final customers in regions of Rwanda where we were not fully present before,” he said.
Vivo Energy Plc is a multinational company, operating in 23 African markets listed on South Africa Stock Exchange and the London Stock Exchange.
Vivo Energy has a lot to offer to Rwanda’s economy, according to senior business executives.
“We picked interest because they also have a strong network across the globe,” said Ms. Diane Karusisi, the Chief Executive Officer of Bank of Kigali PLC which facilitated the transaction.
Vivo Energy Plc leverages on its global experience, network, and business connections to offer unrivaled value chain management in fuel trading.
Hans Paulsen, Executive Vice President of Vivo Energy East and South, the company is targeting to expand and increase its market share across the country.
“It is exciting how we have been growing in Rwanda- it is part of our strategy. Adding 13 new sites to our network, and significantly increasing our market share is a milestone. At Vivo Energy, we place a lot of value on the experience provided to our customers.” he said.
For his part, Mr. Zephanie Niyonkuru, Deputy Chief Executive Officer, Rwanda Development Board, says the transaction signals growing business confidence in the Rwandan economy as the country continues to improve the business environment to attract private investment.
“This is a vote of confidence that Rwanda has a conducive environment for such transactions to take place. In fact, we are encouraging the business community to take advantage of other existing facilities such as the Rwanda Stock Exchange,” he said.
Mr. Niyonkuru urged more businesses to consider raising more resources on the local market by cross-listing on the Rwanda Stock Exchange. Cross-listing would also give the opportunity to customers to be shareholders into the company.
“When one stops at the gas station to refuel, they should feel proud of what they are spending to support the business they have invested in,” he added.
Vivo Energy company has also launched a partnership with Victoria Motors where it will be installing electric charging points at stations. It is in line with its mission to decrease carbon emissions and offer eco-friendly solutions to customers.