Principal Secretary in the State Department for Investment Promotion Abubakar Hassan Abubakar has announced efforts to rescue Kenyan car manufacturer Mobius Motors from collapsing.
In a statement on Wednesday, August 7, 2024, moments after visiting the factory, Abubakar announced that the government could chip in to save the manufacturer.
“Upon noticing the proposed Voluntary winding up by Mobius Motors, together with CEO KAM, we visited the leadership of the company led by the Kenyan Director, Mr John (Kavila) to understand the causes of the winding up. We explored corporate recovery, restructuring, and rescue mechanisms that can be exploited in such circumstances,” Abubakar stated.
“Going forward, we are coming up with a program to assist such companies get strategic investors who are interested in distressed brownfield investment opportunities.”
Mobius liquidation
In a statement on August 5, 2024, Mobius Director Nicolas Guibert announced that shareholders had resolved to place the company under liquidation.
“At a meeting of the shareholders held on 5th August 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,” Guibert.
“Notice is hereby given that a meeting of the creditors will be held on 15th August 2024 at 9 am at Mobius Factory (Sammer Africa, Mombasa/Enterprise Road Junction, Nairobi) to consider, and if thought fit, to pass a Resolution approving the Shareholders’ nominee as the Liquidator of the Company as per Section 408 of the Insolvency Act. List of names of the Creditors and Proxy forms will be made available, free of charge, for inspection on 9-Aug-2024 at the Company’s offices at Mobius Motors office.”
The car manufacturer was founded in 2011 by British businessman Joel Jackson to build cars for the African market. Its first generation car, Mobius II, was launched in Kenya in 2015.
As of August 2020, Mobius had a debt of Ksh649.2 million and a shareholders’ deficit of Ksh389.1 million.
