PHOTO
National Aviation Services (NAS), a subsidiary of Kuwait-based logistics provider Agility Public Warehousing, has acquired a 51 percent stake in Kenya-based Siginon Aviation.
Siginon Aviation is the largest aviation cargo management and ground handling company in Kenya, Agility said in a statement to the Dubai Financial Market (DFM) on Sunday.
The company did not disclose the cost of the deal, but it said the enterprise value is approximately 12 million Kuwaiti dinars ($40 million).
As part of the agreement, NAS will manage Siginon's businesses, including the operations in Nairobi and Eldoret International Airports, which are major African aviation and cargo hubs. The investment value will have an impact on Agility's financials during the fourth quarter, it added.
NAS has so far handled close to a million doses of the COVID-19 vaccine at various airports in Africa, according to Group CEO Hassan El-Houry.
“During the pandemic, our cargo services came to the forefront by keeping crucial supply chains flowing uninterrupted. With the ongoing vaccine requirements around the world, we also handled almost a million doses of the Covid-19 vaccine at different African airports,” he said in a statement.
“With this growing demand, we expanded our focus on cargo management in Africa and the partnership with Siginon Aviation is indeed timely.”
(Writing by Brinda Darasha; editing by Cleofe Maceda)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
