Hashi Vitality, an built-in vitality supplier based by Kenyan businessman Ahmed Hashi, is poised for public sale because of a considerable debt totaling Ksh5 billion ($34.8 million) owed to Ecobank Transnational Included (Ecobank).
The debt, owed to the pan-African banking conglomerate chaired by Kenyan banking govt Jeremy Awori has led to the choice to public sale Hashi Vitality’s properties to be able to meet its monetary obligations.
The public sale, scheduled for August 15, 2023, will embody properties located throughout key Kenyan cities, together with Nairobi, Nakuru, Kisumu, Eldoret, and Mombasa. The method can be overseen by Dalali Merchants, a good public sale home.
Dalali Merchants issued an public sale discover on August 8, 2023, stating, “Beneath directions obtained from the chargees’ advocates, we will promote by public public sale the under-mentioned properties on August 15, 2023, at our workplaces alongside Kijabe Road beginning at 10.30 am.”
Based in 1991 as Hashi Empex by Ahmed Hashi and his spouse, Fatuma Hashi, Hashi Vitality’s operations have expanded considerably over the previous three a long time.
Initially beginning as a Kerosene distributor for Chevron Kenya, the corporate advanced its enterprise mannequin, buying depots in western Kenya throughout the mid-90s to cater to the native market and the broader East and Central African export market.,
After rebranding in 2008, the corporate, underneath the management of Ahmed Hashi, shifted its focus to importing, distributing, and advertising petroleum merchandise, leveraging its sturdy petroleum depots, distribution networks, and repair stations.
Hashi Vitality‘s presence has grown past Kenya, extending into international locations reminiscent of Uganda, Rwanda, Tanzania, Zambia, Southern Sudan, the United Arab Emirates, Mauritius, and the Democratic Republic of the Congo (DRC).
Over time, Hashi Vitality diversified its portfolio to incorporate distant logistics, engineering, and meals provide providers. The approaching public sale marks a difficult juncture for the corporate, prompting hypothesis about its future path underneath new possession.