The family of former late president Daniel Arap Moi is set to get Sh. 1.7 billion from the sale of its business to Kuwait. This is after the Moi family business Siginon Aviation sold a majority stake to the National Aviation Services, a firm that is based in Kuwait.
The sale has seen National Aviation Services acquire a 51 per cent stake in Siginon Aviation, which is a subsidiary of the Siginon Group Limited, which provides airport ground handling and cargo management services.
National Aviation Services had previously said that the Siginon enterprise is valued at an estimated Sh. 4.4 billion.
“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,” said NAS chief executive Hassan El-Houry. “With the ongoing vaccine requirements around the world… with this growing demand, we expanded our focus on cargo management in Africa and the partnership with Siginon Aviation is indeed timely.”
National Aviation has already set up business in countries such as South Africa, DRC, Guinea Bissau and Zambia. “This partnership is a true reflection of our mutual ambition to make a positive mark in service excellence, extend our footprint in Kenya and beyond as we jointly tap onto the opportunities present in the cargo and aviation sector,” Siginon Group’s managing director Meshack Kipturgo said.
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The sale marks the latest multi-billion transaction that has been carried out by the Moi family lately. Two years ago, the Moi family and allies sold a 93.57 per cent stake in Transnational Bank to Nigerian lender Access Bank for Sh. 1.4 billion. These sales show a glitter of the wealth owned by the former president’s family, and further position the family as one of the wealthiest in the country.