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Investor Relations

Kwa Nokeng Oil lists on the Botswana Stock Exchange

After more than five decades of fuelling Botswana’s growth, Kwa Nokeng Oil Holdings Limited is opening its doors to the nation. We are proud to announce our intended listing on the Botswana Stock Exchange (BSE) — a defining milestone that invites Batswana and regional investors to share in the journey of the country’s largest citizen-controlled fuel and lubricants company.

From a single trading store in Machaneng in 1968 to a national network of 14 depots and the second-largest fuel importer in Botswana, our story has always been one of ambition, resilience and citizen ownership. This listing is the next chapter — and you are invited to be part of it.

Key dates

Event

Date
Press announcement & Prospectus issued 11 September 2026
Public Offer opens (09:00) 11 September 2026
Public Offer closes (16:30) 14 October 2026
Listing on the Botswana Stock Exchange 10 November 2026

How to participate

Read the Prospectus in full, complete the application form in accordance with Part 7 of the Prospectus, and submit your application before the Public Offer closes at 16:30 on 14 October 2026.

Download the documents

Prospectus
Abridged Prospectus
IPO Application Form – Individuals
IPO Application Form – Entities
KNO Factsheet

All IPO related enquiries and requests can be directed to:
investorrelations@kwanokeng.com

Disclaimer: This information is provided for general purposes only and does not constitute an offer, invitation or investment advice. Any investment decision should be made solely on the basis of the full Prospectus. Applications must be made strictly in accordance with the terms and conditions set out in the Prospectus

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Independent Non-Executive Director

Catherine Lesetedi

Catherine Lesetedi is an Independent Non-Executive Director of Kwa Nokeng Oil and an award-winning Group Chief Executive Officer with over 25 years of leadership in financial services, insurance and investment across Botswana and Southern Africa. She has a proven track record in driving sustainable growth, digital and business transformation, and multi-billion-Pula portfolio performance. Her expertise spans strategy, governance, mergers and acquisitions, and regulatory transitions, with a reputation for delivering consistent profitability and shareholder value. She was named Africa investor (Ai) 100 CEO of the Year at the Nasdaq Stock Exchange in 2016 and 2018. Her strategic and financial acumen reinforces the Board’s independent oversight.

Independent Non-Executive Director

Naseem Banu Lahri

Naseem Banu Lahri is an Independent Non-Executive Director of Kwa Nokeng Oil and a seasoned executive leader with over 18 years’ experience in the mining industry. She holds a Master’s in Strategic Management and is BCOM and FCCA qualified. Appointed Managing Director of Lucara Botswana in May 2018, she became the first Motswana woman — and the youngest female MD globally — to lead a diamond mining company. Her leadership is defined by embedding social impact at the core of business strategy, spanning infrastructure, clean-water access and renewable-energy programmes, alongside initiatives advancing women through vocational training, leadership programmes and STEM scholarships. Her governance and stakeholder expertise adds valuable independent perspective to the Board.

Non-Executive Director

Chabo Peo

Chabo Peo is a Non-Executive Director of Kwa Nokeng Oil, an admitted attorney of the Courts of Botswana and founder of Peo Legal, a bespoke corporate and commercial law firm. She brings over 15 years of experience in corporate and commercial law, institutional governance and regulatory compliance, and is a registered BSE advisor and member of the Institute of Directors in Southern Africa. She currently serves as Non-Executive Director and Board Chairperson of Woolworths Botswana, Independent Non-Executive Director at Komatsu Botswana, and Audit and Risk Committee member at Kgori Capital. She holds a Bachelor of Laws and a Bachelor of Arts from the University of Cape Town. Her legal and governance expertise supports the Board’s compliance and listing obligations.

Independent Non-Executive Director and Chairman

Richard Charles Wright

Richard Charles Wright is an Independent Non-Executive Director and Chairman of Kwa Nokeng Oil. He is a seasoned banking professional with extensive leadership and strategic-management experience. He currently serves as Chairperson of First Capital Bank Ltd. Previously, he was Deputy Chief Executive Officer of First National Bank of Botswana Limited for over a decade, where he played a pivotal role in strategic operations with a strong focus on compliance, governance and credit management. Alongside his corporate roles, he provides specialised consulting services, advising organisations on strategy, risk and operational excellence. His deep financial-sector experience strengthens the Board’s oversight of governance and risk.

Non-Executive Director

Roshen Mukund Galal

Roshen Mukund Galal is a Non-Executive Director of Kwa Nokeng Oil and a qualified chartered accountant, CA (SA). He is the Founder and Chief Executive Officer of Chroma Capital (Pty) Ltd, a South Africa-based private-equity and investment firm recognised for strategic value creation across multiple sectors. In 2019, Chroma Capital acquired a 49% equity stake in Kwa Nokeng Oil, and he has since played an instrumental role in driving the Company’s strategic growth. His expertise spans financial structuring, operational strategy and growth management across a diverse range of industries. Through his leadership he continues to position Chroma Capital as a trusted partner in unlocking long-term, sustainable business value.

Executive Director & Chief Executive Officer

Mahube Mpugwa

MBA, University of Strathclyde Graduate School of Business,
BA (honours) University of Windsor,
Executive Leadership Development Programme, HEC Paris

Over 26 years in the oil and retail sectors. Serves on several boards including First Capital Bank Ltd and Sefalana Holdings Company Ltd; previously Non-Executive Director at Woolworths Botswana and General Manager at Puma Energy Botswana (Pty) Ltd and BP Botswana (Pty) Ltd. Chairperson of the Botswana Oil Industry Association and Chairperson of the Petroleum Sector within Business Botswana. Has expanded the depot network from 11 to 14 since his appointment.

Executive Director

Clinton Jansen Van Vuuren

Clinton Jansen Van Vuuren is the founding-family custodian, majority shareholder and an Executive Director of Kwa Nokeng Oil. Since taking over the family business in 2005, he has grown it from its 1968 roots into Botswana’s second-largest petroleum player, building on the foundation laid by his father, C.P. Jansen Van Vuuren. Under his leadership the Group has expanded and diversified across the fuel value chain to become the country’s largest citizen-controlled distributor. Clinton maintains extensive networks across Kwa Nokeng Oil’s key regional markets. His entrepreneurial vision and long-standing customer relationships continue to drive the Company’s growth across Southern Africa.

Independent Non-Executive Director

Keith Robert Jefferis

Dr. Keith Jefferis is a distinguished development macro-economist and financial-sector specialist. His career spans public policy, central banking and international development, including service as Deputy Governor of the Bank of Botswana and Senior Policy Advisor to the Ministry of Finance, where he helped shape national monetary and financial-sector policy. He has advised leading global institutions — among them the World Bank, the African Development Bank and the United Nations Development Programme (UNDP) — on policy reform and financial-sector development. He currently serves as Chairperson of Botswana Insurance Holdings Limited, one of the country’s largest listed companies by market capitalisation. His independent, strategic oversight anchors the Board’s commitment to sound governance and sustainable growth.

Finance Manager

Shereni Mazengera

Bachelor of Accountancy, University of Zimbabwe;
Chartered Accountant (Institute of Chartered Accountants of Zimbabwe).

A highly skilled finance professional with a wealth of experience in the petroleum industry. He began his career with Deloitte Zimbabwe and worked with Puma Energy Botswana and Ghana for over twelve and a half years. He was a key player in establishing the finance function when Puma Energy took over the operations of BP Botswana, and grew with the business until he was promoted to head the Ghana finance function in October 2020. As Finance Manager, he oversees the daily financial operations of Kwa Nokeng Oil Holdings Limited, including developing and enforcing the internal controls, accounting, compliance and reporting aspects of the business.

Executive Director & Chief Executive Officer

Mahube Mpugwa

MBA, University of Strathclyde Graduate School of Business,
BA (honours) University of Windsor,
Executive Leadership Development Programme, HEC Paris

Over 26 years in the oil and retail sectors. Serves on several boards including First Capital Bank Ltd and Sefalana Holdings Company Ltd; previously Non-Executive Director at Woolworths Botswana and General Manager at Puma Energy Botswana (Pty) Ltd and BP Botswana (Pty) Ltd. Chairperson of the Botswana Oil Industry Association and Chairperson of the Petroleum Sector within Business Botswana. Has expanded the depot network from 11 to 14 since his appointment.

Customer Service Manager

Gaone Motlhokathari

BCom Banking and Finance, Ba Isago University.

Customer Service Manager at Kwa Nokeng Oil, holding a Bachelor of Commerce in Banking and Finance and bringing over seven years of dedicated experience in the petroleum industry. Starting in Lubricants Sales Administration and advancing to Site Manager, Gaone has consistently met and exceeded customer-satisfaction goals, leading teams effectively through coaching and performance-metrics analysis. In the current role, Gaone has streamlined customer-service processes and driven overall performance — a notable achievement being the implementation of the Kwa Nokeng Oil 24/7 contact centre, now under Gaone’s leadership. The centre comprises three divisions — Accounts Receivables, Operations, and SHEQ (Safety, Health, Environment and Quality) — ensuring customer needs are met around the clock.

Chief Operating Officer

Gideon Andries Dawid Oberholzer (“Dries”)

Process Excellence Training – Six Sigma,
Executive Development Programme – University of Stellenbosch Business School,
Project Management Programme – University of Stellenbosch

Over 20 years’ leadership in fuel and logistics. Former Managing Director of Maersk Namibia and Maersk Zimbabwe, and Chief Operating Officer at TswanaFuel (Pty) Ltd. Chairman of the Container Line Operators Forum and the Walvis Bay Port Users Association; instrumental in positioning Walvis Bay as a strategic shipping hub for landlocked SADC markets.

Operations Manager

Morekolodi Dikolobe

MSc in Project Management;
BBA (Management);
Diploma in Electrical and Electronics Engineering;
PMI Member;
IEEE Member.

An accomplished Operations Manager with over fourteen years in the energy sector, including seven years across the petroleum and power industries. Currently leading operations at Kwa Nokeng Oil, he has reduced operational incidents, lowered transient and operational stock losses, maintained stock-cover days in line with contract objectives, and cut critical-equipment and site downtimes. His project-management record includes delivering new filling stations within budget, scope and schedule, and spearheading eight rooftop solar PV projects across retail sites. Earlier roles include Site Supervisor and Maintenance Engineer at Puma Energy Botswana, and Commercial Officer and Plant Performance & Monitoring Technician at Botswana Power Corporation (BPC).

Commercial Manager

Dr. Obonetse Fulu

PhD and Doctor of Business Administration,
Master of Business Administration – International Business,
B-Tech Degree in Mechanical Engineering,
BSc in Information Technology,
Certified Prince 2 Practitioner (Project Management)

20 years across government, parastatal and private sectors, including nine years in petroleum. Drove sales and brand growth at Engen, Vivo and Kwa Nokeng Oil, achieving 400% growth in lubricants sales at Kwa Nokeng Oil. Holds a PhD (Doctor of Business Administration), MBA, B-Tech in Mechanical Engineering and a BSc in IT.

Chief Financial Officer

Gopal Reddy Potulapati

Bachelor of Commerce (B.Com) in Accounting (India)
Good standing member of the Botswana Institute of Chartered Accountants (BICA)
Fellow member of the Institute of Cost and Management Accountants of India (ICMA)

An accomplished finance professional in the petroleum industry. Joined Kwa Nokeng Oil as Finance Manager and was appointed Chief Financial Officer in July 2023, overseeing the Company’s financial strategy, governance and performance.

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