An unidentified buyer has come to the rescue of Mobius Motors, a Kenyan car maker that was set for closure.
Mobius designs, manufactures and sells vehicles built specifically for the African market.
“The majority of roads in rural and peri-urban areas of sub-saharan Africa are degraded, often cracked and riddled with potholes; making transportation difficult and ultimately restricting mobility,” the company said as part of the motivation to start the company in Kenya.
But the company has been facing financial difficulty and was set to cease operation under the insolvency Act.
At a meeting of the Shareholders held on 5-Aug-2024, it was Resolved to place the Company under Liquidation as per Section 393(1)(b) of the Insolvency Act and to appoint KVSK Sastry as the Liquidator to wind-up the Company,” Mobius Motors Kenya Director Nicolas Guibert said in a notice.
However, one week later, the company announced that it had found a buyer.
“On August 14, Mobius accepted a bid for the acquisition of 100% of its shares by an undisclosed buyer. Both parties are looking to close the transaction within 30 days,” said Guibert in a notice.
Mobius was founded in 2011 by Joel Jackson to build a vehicle in Africa that could maneuver African terrain.
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