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The Al Futtaim Group s expansion plan for East Africa is firmly locked in place as it closes in on the 100 per cent ownership of Kenya s automotive distributor CMC Holdings Ltd.
A subsidiary, Al Futtaim Auto & Machinery Co. (Famco) already has 91.6 per cent in CMC, but it is bent on mopping up the rest of the free stock available in the market. It was one of the largest cross-border investment agreements in Kenya this year.
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,...