@BusinessDaily

SA firm buys out local Nissan Kenya investor

1 months ago, 25 Apr 07:07

By: Victor Juma

South Africa’s Motus Holdings, previously trading as AMH Group, has taken full control of the local Nissan dealership after buying out Kenyan businessman Mohamed Zubedi’s 49 per cent stake in the franchise.

Mr Zubedi, through his investment vehicle Hakma, partnered with the multinational to set up Crown Motors in 2014 after winning the rights to sell Nissan vehicles in Kenya.

“I sold my shares in the company in October last year. Motus now fully owns the company,” Mr Zubedi told the Business Daily.

He declined to comment further on the transaction, citing constraints based on non-disclosure agreements.

Executives of Crown Motors and Motus had not responded to our queries by the time of going to press.

AMH changed its name to Motus after it was fully acquired by South Africa-based conglomerate Imperial Holdings.

The formation of Crown Motors came after DT Dobie, the previous local holder of the Nissan franchise, lost the contract.

Nissan terminated DT Dobie’s contract after Toyota Tsusho, an affiliate of its rival Toyota Motor Corporation, acquired it in December 2012 as part of a Pan-African deal involving the dealer’s parent firm CFAO.

Crown Motors’ sales of Nissan vehicles stood at 381 units last year, representing a 3.4 per share of all new vehicles sold in the country, according to data from the Kenya Motor Industry Association (KMI).

Sales of Nissan pick-ups, vans and cars last peaked at 1,140 units in 2013 under DT Dobie, according to the KMI statistics. This represented a 7.8 per cent market share in that year.

Nissan is one of the biggest brands in the local pick-up segment, competing against Toyota and Isuzu. Crown has moved to expand its distribution network in the country in a bid to grow sales.

It has currently has sales, parts and service centres in Nairobi, Eldoret, Kisumu, Mombasa and Nakuru. The buyout of Mr Zubedi increases the hold of global automakers and multinational trading companies, which own all the major new vehicle dealers in the country.


Read More


Category: business economy news topnews opinion lifestyle markets corporate

Suggested

13 hours ago, 14:06
@BusinessDaily - By: Lucy Mkanyika
Why county residents prefer TZ hospitals

Many Taita Taveta residents are opting to seek medical care in neighbouring Tanzania ...

Category: business news economy markets opinion
2 hours ago, 01:53
@TheStar - By: Charles Mghenyi @ ...
Icpak faults tax law amendments

Accountants have cautioned the state against rushing amendments to the tax regime that would push up corporate tax to 35 per cent from the current 30.The amendments which will also see those who earn ...

Category: topnews news business
9 hours ago, 18:50
@CITIZENTV - By: Kepha Muiruri
KALRO steps up research as armyworm wrecks havoc

KALRO steps up research as armyworm wrecks havoc ...

Category: topnews news business
9 hours ago, 18:02
@BusinessDaily - By: James Kariuki
Alcohol makers adopt new advertising rules

The association launched a code of conduct for members to adopt the fresh promotion rules or risk penalties. ...

Category: business opinion news lifestyle economy markets corporate
10 hours ago, 17:19
@BusinessDaily - By: Galgallo Fayo
KRA says sugar in Sh2.5bn tax case was imported from Dubai

Justice Eric Ogola held that the consignment by Darasa was entitled to be cleared duty-free and termed the KRA decision to levy duty on it as unlawful. ...

Category: business opinion news lifestyle economy markets corporate
10 hours ago, 17:19
@BusinessDaily - By: Brian Ngugi
Dubai Bank raids Kenyan rivals for top management

The lender which has so far pumped Sh3.3 billion in its Kenyan operations would leverage on its financial muscle as it seeks to claim a piece of the fast growing Islamic banking market. ...

Category: business opinion news lifestyle economy markets corporate

@BusinessDaily

SA firm buys out local Nissan Kenya investor

1 months ago, 25 Apr 07:07

By: Victor Juma

South Africa’s Motus Holdings, previously trading as AMH Group, has taken full control of the local Nissan dealership after buying out Kenyan businessman Mohamed Zubedi’s 49 per cent stake in the franchise.

Mr Zubedi, through his investment vehicle Hakma, partnered with the multinational to set up Crown Motors in 2014 after winning the rights to sell Nissan vehicles in Kenya.

“I sold my shares in the company in October last year. Motus now fully owns the company,” Mr Zubedi told the Business Daily.

He declined to comment further on the transaction, citing constraints based on non-disclosure agreements.

Executives of Crown Motors and Motus had not responded to our queries by the time of going to press.

AMH changed its name to Motus after it was fully acquired by South Africa-based conglomerate Imperial Holdings.

The formation of Crown Motors came after DT Dobie, the previous local holder of the Nissan franchise, lost the contract.

Nissan terminated DT Dobie’s contract after Toyota Tsusho, an affiliate of its rival Toyota Motor Corporation, acquired it in December 2012 as part of a Pan-African deal involving the dealer’s parent firm CFAO.

Crown Motors’ sales of Nissan vehicles stood at 381 units last year, representing a 3.4 per share of all new vehicles sold in the country, according to data from the Kenya Motor Industry Association (KMI).

Sales of Nissan pick-ups, vans and cars last peaked at 1,140 units in 2013 under DT Dobie, according to the KMI statistics. This represented a 7.8 per cent market share in that year.

Nissan is one of the biggest brands in the local pick-up segment, competing against Toyota and Isuzu. Crown has moved to expand its distribution network in the country in a bid to grow sales.

It has currently has sales, parts and service centres in Nairobi, Eldoret, Kisumu, Mombasa and Nakuru. The buyout of Mr Zubedi increases the hold of global automakers and multinational trading companies, which own all the major new vehicle dealers in the country.


Read More

Category: business economy news topnews opinion lifestyle markets corporate

Suggested

13 hours ago, 14:06
@BusinessDaily - By: Lucy Mkanyika
Why county residents prefer TZ hospitals

Many Taita Taveta residents are opting to seek medical care in neighbouring Tanzania ...

Category: business news economy markets opinion
2 hours ago, 01:53
@TheStar - By: Charles Mghenyi @ ...
Icpak faults tax law amendments

Accountants have cautioned the state against rushing amendments to the tax regime that would push up corporate tax to 35 per cent from the current 30.The amendments which will also see those who earn ...

Category: topnews news business
9 hours ago, 18:50
@CITIZENTV - By: Kepha Muiruri
KALRO steps up research as armyworm wrecks havoc

KALRO steps up research as armyworm wrecks havoc ...

Category: topnews news business
9 hours ago, 18:02
@BusinessDaily - By: James Kariuki
Alcohol makers adopt new advertising rules

The association launched a code of conduct for members to adopt the fresh promotion rules or risk penalties. ...

Category: business opinion news lifestyle economy markets corporate
10 hours ago, 17:19
@BusinessDaily - By: Galgallo Fayo
KRA says sugar in Sh2.5bn tax case was imported from Dubai

Justice Eric Ogola held that the consignment by Darasa was entitled to be cleared duty-free and termed the KRA decision to levy duty on it as unlawful. ...

Category: business opinion news lifestyle economy markets corporate
10 hours ago, 17:19
@BusinessDaily - By: Brian Ngugi
Dubai Bank raids Kenyan rivals for top management

The lender which has so far pumped Sh3.3 billion in its Kenyan operations would leverage on its financial muscle as it seeks to claim a piece of the fast growing Islamic banking market. ...

Category: business opinion news lifestyle economy markets corporate
Our App