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Al-Futtaim completes Kenyan auto firm takeover

April 3, 2014 2:13 am

Al-Futtaim Auto and Machinery Co has completed its takeover of Kenya’s CMC Holdings Co after acquiring 91.60% of the ordinary shares, Standard Media has reported. The Dubai-based firm said it acquired 533.7 million shares of the 582.7 million total ordinary shares the former motor company was controlling at Nairobi Stock Securities. “Al-Futtaim is now pleased to announce that the conditions set out in the offer document have been fulfilled as at March 31, 2014,” the firm said in an ad published in local dailies. “Considering that the offer has been accepted by shareholders holding more than 90% of the issued ordinary shares in CMC, Al-Futtaim shall compulsorily acquire the remaining issued ordinary shares in CMC. Appropriate communication on the acquisition will be issued in due course,” the ad said.