Home World Africa Dubai’s Al-Futtaim Wins Control Of Kenyan Motor Firm CMC 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. by Reuters March 3, 2014 Follow us Follow on Google News Follow on Facebook Follow on Instagram Follow on X Follow on LinkedIn 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. 0 Comments