01 avril 2021
Listed oil group JP Kenny Petroleum will be the new surprise shareholder of Antwerp asset manager Merit Capital.
Less than three years after its takeover by the British investment group Duet Group, the Antwerp asset manager Merit Capital passes into the hands of a new owner. An agreement was reached with the British oil group Netoil which will transfer Merit Capital to its subsidiary JP Kenny Petroleum, listed on the Oslo stock exchange.
The wealth manager manages more than 1.2 billion euros in assets and has 5 offices in Flanders. The company gained publicity last year after controversial investments and large transactions with third parties without the company’s knowledge. An investigation is still ongoing.
JP Kenny recently took over Iraqi oil and gas fields from Netoil in exchange for inventory. It also has oil interests in Colombia. But the group wishes to transform itself into an investor in the financial sector.
The deal has yet to be approved by the National Bank regulator.
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