Dubai’s Al-Futtaim Wins Control Of Kenyan Motor Firm CMC

Al-Futtaim Group is close to taking control of Kenyan car retailer CMC Holdings after 91 per cent of shareholders accepted its 7.6 billion shilling ($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 per cent acceptance means Al-Futtaim will hold 533 million shares in CMC, which distributes Ford, Suzuki and Volkswagen vehicles among other brands in the region.