Hashi Energy, an integrated energy supplier owned by Kenyan billionaire Ahmed Hashi, is preparing for an auction due to a significant debt owed to Ecobank Transnational Incorporated (Ecobank) of Ksh5 billion ($34.8 million).
Due to the debt owed to the pan-African banking conglomerate run by Kenyan banking executive Jeremy Awori, Hashi Energy has decided to sell off its properties in order to pay its financial obligations.
The auction, set for August 15, 2023, will include properties in major Kenyan towns such as Nairobi, Nakuru, Kisumu, Eldoret, and Mombasa. Dalali Traders, a reputed auction firm, will manage the procedure.
On August 8, 2023, Dalali Traders published an auction notice that stated, “Under instructions received from the chargees’ advocates, we shall sell by public auction the under-mentioned properties on August 15, 2023, at our offices along Kijabe Street beginning at 10.30 am.”
Hashi Energy was founded in 1991 as Hashi Empex by Hashi and his wife, Fatuma, and its operations have grown dramatically over the last three decades.
Beginning as a Kerosene distributor for Chevron Kenya, the company evolved its business strategy by acquiring depots in western Kenya in the mid-1990s to cater to the local market as well as the wider East and Central African export market.
Following a rebranding in 2008, the firm moved its focus to importing, distributing, and marketing petroleum products, using its extensive gasoline depots, distribution networks, and service stations.
Hashi Energy’s presence has expanded beyond Kenya, with operations in Uganda, Rwanda, Tanzania, Zambia, Southern Sudan, the United Arab Emirates, Mauritius, and the Democratic Republic of the Congo.
Hashi Energy’s portfolio has grown over time to encompass remote logistics, engineering, and food supply services. The upcoming auction puts the corporation at a crossroads, generating conjecture about its future course under new ownership.