News Column

Dubai Firm Buys 80 Percent of CMC Shares

February 18, 2014

Dubai based Al-Futtaim group has managed to secure over 80 per cent stake of CMC Holdings with only few hours left to close of the offer. In September, Al Futtaim lodged a takeover bid for troubled CMC Motors at Sh13 per share with the majority shareholders having quickly taken up the offer setting the stage for its delisting at the Nairobi Securities Exchange.

According to Marwan Shehadeh, Al-Futtaim group director for corporate development, the response from the CMC shareholders has been very positive, and by Friday a total of 79.3 per cent of the shares had been acquired.

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Source: AllAfrica

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