Omnia is acquiring 90% of Umongo Petroleum for R780m, the Omnia announced on Thursday morning. The remaining 10% will remain with an investment company, Autumn Storm, whose shareholders include Umongo CEO Boston Moonsamy. Umongo was founded by its chairman, Mahmoud Homayoun, a former Caltex engineer who was appointed the South African agent of Chevron Oronite’s lubricants and fuel additives in 1998. The company is based in Umhlanga Ridge, KwaZulu-Natal, and employs 28 people. Besides selling Chevron products, Umongo is also an agent for BASF and Evonic oil products. It is in the process of acquiring Orbichem Petrochemicals, which distributes Ergon oil products in sub-Saharan Africa. Omnia said the acquisition of Umongo would complement its Protea Chemicals business. "The addition of a bulk volume base oil, additive and lubricant business to Protea Chemicals, will broaden its current product offering and create new opportunities to grow the business in SA and sub-Saharan Africa," the...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now