Ottapathu-led consortium moves for majority stake in Engen Botswana
Pauline Dikuelo | Monday April 27, 2026 06:00
The proposed transaction remains subject to regulatory approvals, and until completion, Engen Botswana will continue to operate as normal, a statement released last week reads.
The acquisition is being undertaken through Fusion Spark Proprietary Limited, a consortium comprising Mount Meru Group and Ottapathu. According to records from the Companies and Intellectual Property Authority (CIPA), Ottapathu is the beneficial owner of Fusion Spark with 100% shareholding.
Vivo Energy recently confirmed that it has signed a share purchase agreement to divest its interest in Engen Botswana to Fusion Spark. The move follows a competitive sales process aimed at identifying a buyer with strong financial capacity, local market knowledge, and downstream operational expertise.
Vivo Energy initially acquired Engen Botswana as part of its May 2024 purchase of Engen Limited from PETRONAS. However, during the regulatory review process, the Competition and Consumer Authority (CCA) raised concerns about market concentration resulting from the merger. In response, Vivo Energy committed to divesting its interest in Engen Botswana to preserve competition within the local fuel market.
Following a thorough evaluation of potential buyers, Fusion Spark was selected as the preferred bidder. The consortium is seen as well-positioned to support Engen Botswana’s continued growth, combining local ownership with regional industry expertise.
Ottapathu also expressed confidence in the partnership, stating that the collaboration brings together Mount Meru’s extensive fuel sector experience and his own understanding of Botswana’s economic landscape. He added that the consortium is committed to creating sustainable value for customers, employees, and business partners.
'I am delighted to be partnering with Mount Meru Group on this acquisition,” Ottapathu said. “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.'
Mount Meru Group Director, Atul Mittal, described the acquisition as a long-term commitment to Botswana’s economy. He highlighted the country’s stable governance and strategic geographic position, noting that the consortium aims to deliver a seamless, customer-focused fuel offering whilst enhancing cross-border connectivity.
Vivo Energy CEO, Stan Mittelman, said the agreement meets regulatory requirements whilst ensuring the continued competitiveness of Botswana’s fuel industry. He noted that although Engen Botswana is a strong business, the company respects the CCA’s decision and is confident in the capability of the acquiring consortium. Mittelman further emphasised that the transaction provides certainty for employees, customers and stakeholders, with both parties working closely to ensure a smooth transition.
The transaction is expected to conclude once all regulatory approvals are secured. Until then, Engen Botswana will maintain its operations.