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According to a statement posted on its website, Hbad Petroleum stated that the transaction would increase its working capital and increase its competitiveness in the open bidding system.
"In turn, OTI will provide its supply and trading capabilities" The supply of services, improved services to consumers and contribute to economic growth in the region, "the statement said.
Hbad Petroleum stated that the group will invest the additional funds of the transaction to increase its visibility in the market. "
Hbad' founder and management team will continue to operate the business and to work closely with OTI to develop and maintain long-standing relationships with customers, suppliers and regulators.The acquisition is in line with the long-term strategies of the respective companies, adds the press release [19659002] "As a regular supplier of refined products in Southern and Eastern Africa, this transaction will enable OTI and its new partner Hbad to strengthen their ncerne development, Abdinasir Ali Hbadan, president and founder of Hbad, said: "I am delighted to conclude this transaction with OTI. I am convinced that this partnership is a major step towards ensuring Hbad' continued competitiveness in the region and I am convinced that with OTI we can achieve our mutual long-term growth aspirations.
Incorporated in 1997, Hbad Petroleum is an African leader oil marketing company in East and Central Africa
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