Gor Semelang’o sells 45% shares worth KSh 4.5B in Petro Kenya

Businessman and former Youth Enterprise Fund boss Gor Semelang’o has sold 45% of his shareholding in the Petro Kenya Oil Company Limited.

Semelang’o co-owned Petro Kenya Oil with Paul Gatheca Muhoho, uncle to President Uhuru Kenyatta.

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Transaction advisers in the company told TUKO.co.ke that Semelang’o sold the shares valued at over KSh 4.5 billion to United Arabs Emirates-based company.

“The shareholder let off 45% of his shares after discussions and agreements,” one of the advisers who sought anonymity stated.

The advisers explained that the businessman’s sale of shares mean that he will remain with only 8% stakes, automatically letting Gatheca to take majority shareholding in the oil firm.

TUKO.co.ke understands that the sale follows a recent clearance of a debt by Semelang’o who was staring at a prison term in a civil jail.

The ex-fund boss was owing the law firm of George Miyare, Atonga and Miyare and Associates Advocates.

The businessman confirmed that he paid the firm millions he owed to avoid a civil jail and that he had sold part of shares he held at Petro Kenya Oil Limited.

Petro Kenya Oil Company is among major oil importers in the country.

The company made headlines years ago after it emerged that it made supplies worth over KSh 68 million to National Youth Service.

Semelang’o, however, disputed the claims and termed the allegations as part of a malicious smear campaign.

Miyare was represented by Lumumba Mumma and Kaluma Advocates which saw Semelang’o arrested and partially committed to a civil jail after striking a repayment plan.

Story by Mercy Chebet, TUKO.co.ke correspondent