South Africa: SacOil moves into SA distribution

SacOil’s latest venture has taken it into South Africa’s fuel distribution business with a cash and shares deal giving it a controlling stake in Afric Oil Group. The company, which also announced it was delisting from London’s AIM market, said the acquisition would help to diversify operations. “The acquisition will indirectly provide SacOil with an income-producing subsidiary in South Africa and is in line with SacOil’s strategy to become a fully integrated, pan-African industry player,” the company said in a statement.