Mobius Motors, a Kenyan automaker backed by Playfair Capital, has accepted an acquisition offer from an undisclosed buyer just one week after announcing its shutdown. The company's director, Nicolas Guibert, confirmed the development in a notice, stating that both parties aim to close the transaction within 30 days.
“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,” Guibert said.
Mobius Motors, founded in 2009 by British national Joel Jackson, pioneered a stripped-down SUV model "built for African roads" in 2014. The company's flagship model, Mobius III, retailed at $43,000, significantly lower than imported and locally assembled luxury SUVs.
The undisclosed buyer may be seeking to utilize Mobius' assembly plant in Nairobi to produce their own models or continue manufacturing Mobius cars, which target small and medium-sized enterprises in infrastructure, agribusiness, and supplies operating in remote areas.
Kenya's trade and industry ministry had expressed interest in rescuing the cash-strapped automaker, with Permanent Secretary Hassan Abubakar visiting the company's plant to discuss a possible rescue plan.
Mobius Motors boasts an expansive production facility capable of fabricating vehicle frames, anti-corrosion treatment, general assembly, painting, quality testing, and final inspection. The company has a distributorship agreement with Chinese automaker BAIC.
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