Once-thriving Hashi Energy starts selling its assets in frantic effort to settle debts

Kenyan energy giant Hashi Energy, a household name for over three decades, is offloading assets in a desperate bid to pay off creditors.

The company, which once boasted operations across eight African nations, is now in the throes of liquidation.

Hashi Energy's woes became apparent in March 2023 when they opted for voluntary administration, a move that signaled financial difficulties.

The full extent of the crisis unfolded later that year when Ecobank, one of their creditors, received court approval to auction the company's assets to recoup a Sh5 billion debt.

Faced with this daunting financial burden, Hashi Energy has resorted to selling off prime plots of land in Nairobi, Mombasa, and Kisumu.

Their extensive LPG handling facilities and a fleet of 31 trucks are also on the auction block.

A public notice issued Tuesday by the company emphasized that these assets are being sold "as is," implying that potential buyers will need to factor in any necessary repairs or upgrades.

"The liquidator is inviting competitive bids for the sale of the following properties or plots of land and assets on “as is” condition," the notice read.

Hashi Energy, founded by Kenyan tycoon Ahmed Hashi, was a prominent player in the energy sector.

Their offerings encompassed LPG cylinders, oil supply, and retail outlets dispensing petroleum products.

The company had even expanded its reach beyond Kenya, establishing a presence in Uganda, the Democratic Republic of Congo, South Sudan, Zambia, Rwanda, Mauritius, and Dubai.

However, these ambitious plans ultimately unraveled, leading to the company's current predicament.

The fire sale of Hashi Energy's assets marks a stark turnaround for the once-flourishing company.

The coming weeks will reveal whether the sale generates enough revenue to appease creditors and salvage any part of the business.