KenolKobil to sell assets to pay debts
27 May 2013, 13:40
Nairobi - After suffering a net loss KES 6.2 billion last year, KenoKobil plans to sell some of its assets as it embarks on a turnaround plan Business Daily reports.
The country’s largest oil marketer says it will sell off part of its fixed assets as it seeks to raise cash to retire expensive debts, improve its cash flow and bounce back to profitability this year.
In the year ended December 2012, the company had fixed assets valued at Sh8.1 billion — most of which are equipment and land — while the total interest on loans stood at KES 2.3 billion.
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