Safaricom buys US$3m stake in UK gas company Circle Gas Ltd as it diversifies revenue

KENYA – Safaricom, a mobile network operator, has bought a stake in UK firm, Circle Gas Limited at KSh384.6 million (US$3.59m), marking its entry into cooking energy business as it continues to diversify revenue streams away from voice business. The telco discloses in the latest annual report that it completed the transaction last December, giving it 18.96 per cent of the issued shares of the England-based firm. Circle Gas has a local subsidiary, M-Gas, with which Safaricom started working with last January. The telco did not, however, disclose the deal…

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Circle Gas completes a US$25m acquisition of KOPAGAS technology

KENYA – Circle Gas Limited, a UK holding company, has concluded the acquisition of KopaGas’s proprietary technology in a transaction worth US$25 million. The deal is thought to be the largest-ever pure private equity investment in the clean cooking technology sector.  The acquisition will enable Circle Gas to gain access to pay-as-you-go (PAYG) technology, advanced manufacturing capabilities and positions in key LPG markets in East Africa.  About 900 million people, or 70% of the population of sub Saharan Africa have not yet transitioned to clean and modern cooking fuels such…

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