Al-Futtaim wins control of Kenyan motor firm CMC

March 03, 2014 - 2:36:07 pm

NAIROBI: Al-Futtaim Group is close to taking control of Kenyan car retailer CMC Holdings after 91 percent of shareholders accepted its 7.6 billion shilling or $87.91 million offer, the Dubai-based company said on Monday.

Gulf Arab companies are boosting their investment in Africa's vast lands and untapped resources, attracted by rapid economic growth, the rise of a free-spending middle class, and a sense that much of the continent is becoming better governed and more stable politically.

The 91 percent acceptance means Al-Futtaim will hold 533 million shares in CMC, which distributes Ford, Suzuki and Volkswagen vehicles among other brands in the region. (Reuters)