Kenya: Essel Group raises Simba stake

Essel Group Middle East (EGME) has exercised 17m warrants in Simba Energy, increasing its shareholding to 21.3%. Proceeds will be used to retire remaining debt in Simba and for working capital purposes. EGME said it planned to exercise a further 16.96m warrants in the near future, which would increase its stake to 24.49%. Essel Group, a conglomerate whose interests are mainly in television and packaging, farmed into Kenya’s Block 2A in 2015, with an agreement to earn a 60% stake by funding two wells.