Troubled Kenyan automaker Mobius sees buyer after shutdown decision
TLDR
- Mobius Motors, a Kenya-based automaker, accepts a 100% acquisition offer from undisclosed buyer, with the transaction to be finalized within 30 days.
- The company postpones creditors' meeting to accommodate ongoing acquisition negotiations, originally scheduled for approval of KVSK Sastry as the liquidator.
- Director Nicolas Guibert confirms the bid acceptance, signaling significant changes in Mobius Motors' ownership and future operations.
Mobius Motors, the Kenya-based automaker, has accepted a 100% acquisition offer from an undisclosed buyer, just a week after announcing its closure.
Director Nicolas Guibert confirmed that the company accepted the bid on August 14, though the buyer's identity has not been revealed. The transaction is expected to be finalized within 30 days.
As a result, Mobius has postponed a creditors' meeting originally scheduled for August 15 at its Nairobi factory, which was intended to approve KVSK Sastry as the liquidator for the liquidation process, to accommodate the ongoing acquisition negotiations.
Key Takeaways
Mobius was on the brink of ceasing operations under the Insolvency Act due to severe financial challenges, including unpaid debts to suppliers and salaries. The decision to enter voluntary liquidation was made after a shareholders' meeting on August 5, 2024, with creditors' lists and proxy forms made available for inspection at the company's office. Founded in 2009 by British entrepreneur Joel Jackson, Mobius aimed to create a rugged SUV tailored for African conditions, launching its first model in 2014. The company successfully raised $56 million across five funding rounds, with UK-based Playfair Capital serving as the primary backer. Despite these efforts, financial difficulties led to the company's near-closure before the recent acquisition offer.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.