Famco closes on 100% stake in Kenya venture
18/09/2014 9:14 am EDT


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Al Futtaim Group’s subsidiary, Al Futtaim Auto & Machinery Co. (Famco) announced that it has already 91.6% in Kenya’s automotive distributor CMC Holdings Ltd, but it is bent on mopping up the rest of the free stock available in the market. It was one of the biggest cross-border investment deals in Kenya this year, Gulf News reported. “We expect to acquire the remaining shares by end October as per the regulatory requirement and there’s an open offer,” said Mark Kass CEO at CMC. “The CMC acquisition is the catalyst for our entire strategy across East Africa and not limited to Kenya.” Indeed, CMC holds the distribution rights for key auto brands – Ford, Volkswagen, Mazda, Suzuki, CNH, MAN, Eicher and UD. Better still, most of the infrastructure – in terms of showrooms and service facilities has additional capacity. What it means is that as the new owner, the Al-Futtaim Group does not have commit to major investments by way of additional facilities in order to deliver its volume growth objectives.

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