Hashi Energy disposes of 31 trucks, & other assets as it winds up after 33 years

• Hashi Energy Ltd is under liquidation and has announced the sale of various properties and assets
• The company is selling 31 prime movers, a gas cylinder revalidation plant, and various properties across multiple locations including Mombasa, Eldoret, Nairobi, and Kisumu
• The company was founded by Ahmed Hashi and expanded its operations in Kenya and several African countries, later selling its petrol stations to Lake Oil and sealing a substantial deal with a Dubai conglomerate

The liquidator of Hashi Energy has invited competitive bids, offering an opportunity for investors to acquire the company's valuable assets across multiple locations.

When a company is under liquidation, it means that the business is in the process of bringing its operations to an end.

This involves selling off its assets to pay its debts and distributing any remaining assets to its shareholders.

Liquidation typically occurs when a company is insolvent, meaning it cannot meet its financial obligations as they come due, or when the shareholders decide to close the business for other reasons.

Hashi has been facing a significant financial crisis as it struggles to pay off a massive debt of Sh5 billion.

The company is selling among other properties, 31 prime movers. These include SITRAK models of SinoTruk, located in Mombasa (27 units), Eldoret (3 units), and Nairobi (1 unit).

The firm is also disposing of a gas cylinder revalidation plant on Nanyuki Road, Nairobi.

Other Hashi Energy assets for Sale

Mombasa County:

A 3-acre plot in Changamwe leased for 60 years from December 1, 2009. Improvements include a cold storage warehouse, maintenance warehouse, administrative/office blocks, and other facilities. The property features a transformer house and a perimeter wall.

A 1.447-acre plot in Changamwe leased for 99 years from January 1, 1977. The plot comprises an LPG tank and additional amenities.

Kisumu Municipality

Various vacant plots ranging from 0.075 to 0.128 acres in the Industrial area of Kisumu. Lease terms are 99 years from April 1, 1990.

Other Notable Properties:

A 0.1722-acre plot with a two-storey open-plan office block, warehouse, and compressor shed. Lease for 67.5 years from January 1, 1980.

Another 0.1722-acre plot with an LPG shed, genset room, and LPG cage. Lease terms are the same as the above property.

History of Hashi Energy

 Hashi Empex was founded by billionaire Ahmed Hashi. The company was initially a kerosene distributor for Chevron Kenya.

Using kerosene jerry cans, he supplied African regions such as Rwanda and the Democratic Republic of Congo (DRC) markets.

In the mid-1990s, the company expanded its operations by acquiring depots in western Kenya.

This strategic move allowed the company to better serve the local market and expand its reach to the export market in East and Central Africa.

Rebrand to Hashi Energy

In 2008, it rebranded to Hashi Energy, broadening its scope to include the importation, distribution, and marketing of petroleum products, including bulk trading and service stations.

 The company's extensive operations spanned Kenya, Uganda, Rwanda, Tanzania, Zambia, Southern Sudan, the United Arab Emirates, Mauritius, and the Democratic Republic of Congo.

In a strategic move in 2017, Hashi Energy sold off its petrol stations to Lake Oil, a Tanzanian company.

This sale was followed by a substantial deal in 2019 with a Dubai conglomerate worth $140 million.

READ: EPRA reveals top 10 petroleum companies in Kenya as demand for fuel drops [VIDEO]

The agreement was to supply food and fuel to military personnel and non-governmental organizations in the Democratic Republic of Congo.

Despite these expansions, the company has been grappling with financial difficulties.

On March 10, 2023, Hashi Energy issued a notice to its creditors, calling for a meeting to consider and pass a resolution for the company to be wound up voluntarily.

The resolution was subsequently passed, and KVSK Sastry was appointed as the liquidator to oversee the process.

The company's debt to Ecobank, amounting to Sh5 billion has prompted the bank to initiate the sale of the company's assets to recover the debt.

READ: India's richest man & 5 other foreign billionaires with major investments in Kenya