BUSINESS

Mois Earn Ksh1.7B from Siginon Acquisition

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Based at the Jomo Kenyatta International Airport (JKIA), Siginon Aviation's services include cargo management services and airport ground handling. [Photo/ Financial Fortune Media]
Based at the Jomo Kenyatta International Airport (JKIA), Siginon Aviation's services include cargo management services and airport ground handling. [Photo/ Financial Fortune Media]
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The Moi family is set to earn Ksh1.708 billion after a Kuwaiti firm completed the purchase of a majority stake in Siginon Aviation – a subsidiary of Siginon Group Limited, a leading logistics company based in Kenya.

National Air Services (NAS) acquired a 51% stake in Siginon Aviation whose services include cargo management services and airport ground handling. NAS has a presence in the Middle East, Africa and South Asia and prides itself in providing cargo handling services to more than half of the world’s top 10 airlines.

They also offer engineering and line maintenance, ramp and passenger services, airport technologies and aviation training.

The deal does not include Siginon Group’s Global Logistics subsidiary which provides cargo transportation by air, rail, sea and road. It also leaves out Siginon Container Freight Station – a cargo clearing business based at the Port of Mombasa.

NAS hopes the acquisition will give it a strong foothold in Kenya, one of the continent’s business aviation hubs. In Africa, it already operates in South Africa, DRC, Guinea Bissau and Zambia.

READ>>Moi Men Take on The Govt in Battle for Kenya Seed Company & Its Billions

“A combination of NAS’s global presence and expertise in airport services with Siginon Aviation’s experience in Kenya will successfully strengthen the ground handling, ramp handling and cargo handling capabilities in the region, especially in East Africa,” NAS Chief Executive Hassan El-Houry stated.

The acquisition is also part of NAS’ plan to recover from the shocks of the Covid-19 pandemic, which drove an 85% drop in the firms revenues. The firm had in 2018 committed to investing $50 million (Ksh5.6 Million) into the African aviation sector over a period of three years

The family of former President Daniel Arap Moi is associated with a long list of assets spread across real estate, finance, transportation, media, hospitality and education.

Last year, the family and close associates of the late President Moi had another big payoff following the sale of a majority stake in Transnational Bank to Access Bank.

Access Bank is a leading Nigerian lender owned by business tycoon Herbert Wigwe.

READ>>KCB, TATA Africa Customers to Access Asset Finance Deal

 

 

 

Written by
MARTIN SIELE -

Martin K.N Siele is the Content Lead at Business Today. He is also a Quartz contributor and a 2021 Baraza Media Lab-Fringe Graph Data Storytelling Fellow. Passionate about digital media, sports and entertainment, Siele also founded Loud.co.ke

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