Businessman Peter Muthoka made Sh2.5 billion in profit from the sale of his business at the Jomo Kenyatta International Airport (JKIA). In this multi-billion deal, Mr. Muthoka sold his cargo business TransGlobal Centre Limited to Çelebi GMBH. The value of the transaction from which this profit was netted from was Sh5.2 billion.
Muthoka’s JKIA business had been operating at the JKIA under the brand name Africa Flight Services (AFS). AFS was no small fish in the cargo business. According to data from the Kenya Airports Authority, AFS (Africa Cargo Handling) handled 33 percent of exports ahead of Kenya Airways Cargo which handles 22 percent of exports. However, when it came to imports, AFS handled 20 percent with Kenya Airways handling 32 percent.
According to the latest annual report from the buyer, Transglobal Cargo Centre (TCC) had tangible assets that were equivalent to 833.2 million Tukish Lira as of December 23, 2025 when it acquired Muthoka’s business via its subsidiary Çelebi Cargo GMBH. The total purchase consideration was higher at 1.63 billion Turkish Lira, representing a premium of 95.8 percent.
“Çelebi GMBH acquired all shares held by the principal shareholder of Transglobal Cargo Centre, a company… providing ground handling, air cargo, and warehouse services at Jomo Kenyatta International Airport, on 23 December 2025, for a consideration of USD40.1 million, in line with the company’s international growth strategies and to enhance synergy among group companies,” the annual report stated.
In the sale, Çelebi GMBH had noted that the aviation market in Kenya is forecast to grow at an average rate of 5 percent per year over the next five years, significantly outpacing the International Air Transport Association’s projected global average of 3.3 percent.
“Kenya is a key gateway for trade and cargo flows across East and Central Africa. We are going to combine AFS’s strong local expertise with Çelebi’s global experience, modern systems and operational standards to support Kenya’s ambitions as a regional trade and logistics hub,” Çelebi Aviation chief executive officer Dave Dorner had said.
On his decision to sell, Muthoka had said that he was convinced that it was time for him to venture into other areas of investment. “I have done my best in this business. We have the best service and best equipment, [but now] I want to invest in other things,” he said.
Peter Muthoka: Why I sold my JKIA business to Germans at Sh5.2 billion
Mr. Muthoka further noted that part of the money he got from the sale of this business has been used to repay a debt that the business had taken to upgrade its facilities. He also noted that while he has sold off 100 percent of TransGlobal, he will still maintain some presence in the logistics business through Acceler Global Logistics, which is one of the businesses that he owns. Acceler deals in freight services.
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