Gaborone, Botswana - 17 April 2026: Vivo Energy and Fusion Spark Proprietary Limited, a consortium comprising Mount Meru Group and Ramachandran Ottapathu, today announced that they have signed a share purchase agreement for the acquisition of Vivo Energy’s 70% shareholding in Engen Botswana Limited.

The transaction marks an important milestone for Engen Botswana and follows a competitive sales process to identify a buyer with the right combination of financial strength, local market knowledge and downstream operating experience. The new purchasing consortium is well placed to support the business’s continued growth and to build on its strong service offering to customers across Botswana.

Vivo Energy acquired Engen Botswana as part of its May 2024 purchase of Engen Limited from PETRONAS. As part of the subsequent regulatory process in Botswana, the Competition and Consumer Authority (CCA) determined that the combination of Vivo Energy and Engen in Botswana raised competition concerns. Vivo Energy therefore committed to divest its interest in Engen Botswana.

Following a thorough evaluation of potential buyers, Fusion Spark Proprietary Limited was selected as the preferred purchaser. The consortium brings a compelling combination of local ownership, strong commercial capability and extensive experience in downstream operations.

Atul Mittal, Director, Mount Meru Group, said: "We are proud to be entering Botswana, a country with a stable, well-governed economy and a people we deeply respect. This acquisition is a long-term commitment, and we are grateful to Vivo Energy for entrusting us with this responsibility and the confidence they have placed in our consortium. Together with our partner Ramachandran Ottapathu, a proud Botswanan businessman with deep roots in this country, we bring a powerful combination of local knowledge and regional expertise. Mount Meru Group has a strong track record of safe, reliable and customer-focused fuel operations across multiple African markets, We will offer our customers a seamless, single-stop fuel solution that connects Botswana across borders. Botswana's remarkable geographic position at the heart of southern Africa is a tremendous advantage, and we are thrilled to be part of this exciting story. We are committed to delivering lasting value for Botswana's customers, its businesses, and its economy."

Ramachandran Ottapathu, Director, Fusion Spark Proprietary Limited, added: "I am delighted to be partnering with Mount Meru Group on this acquisition. Botswana is a market we know well, and I have long believed in the strength and potential of Engen Botswana’s business. By combining Mount Meru Group’s deep expertise in the fuel sector with my understanding of Botswana’s macroeconomic landscape, I am confident that we will create meaningful and sustainable value for Engen Botswana’s customers, employees, and partners for many years to come."

Stan Mittelman, CEO of Vivo Energy, said: "We are pleased to have signed this agreement with the acquiring consortium, which will support the continued competitive operation of Engen’s assets in Botswana. Engen Botswana is a strong business and one we would have been proud to retain. However, we respect the CCA's determination and are pleased to have found buyers of the consortium’s calibre. This transaction not only fulfils the regulatory requirements to maintain the competitive landscape of fuel operators in Botswana but also provides certainty and opportunity for Engen Botswana’s employees, customers and partners. We have worked well together with the consortium throughout this process and look forward to continuing that close cooperation to ensure a smooth transition and ongoing success."

The acquisition remains subject to pending regulatory approvals. Until completion, Engen Botswana will continue to operate as normal, maintaining its focus on the safe, reliable and high-quality service it provides to its customers across the country.