Mobius Motors, a Kenya-based automaker backstopped by Playfair Capital, has accepted a buyout offer just a week after it announced its closure.
In the notice, Mobius director Nicolas Guibert informed, “On August 14, Mobius accepted a bid for the acquisition of 100% of its shares by an undisclosed buyer.” The parties look to close the transaction within 30 days.
In light of the offer, Mobius postponed the Thursday planned creditors meeting, allowing the acquisition negotiations to continue.
The firm had announced, “As such notice is hereby given that the meeting of the creditors originally scheduled to 15 August 2024 at 9am at Mobius Factory has been postponed to a date that will be communicated in due course.”
The interested buyer could be eyeing the company’s Nairobi assembly plant for assembling their models or even continuing to make Mobius cars, specially designed for SMEs operating in remote areas in various industries such as infrastructure, agribusiness, and supplies.
Business Daily reported on August 9 that two dealers have expressed interest in taking over the embattled car maker with plans to save the brand.
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This followed a visit to the company’s plant by Hassan Abubakar, Permanent Secretary for Trade and Industry, and KAM to hammer out a possible rescue plan.
Mobius has a fully-fledged production plant, which enables it to make vehicle frames, undertake anti-corrosion treatment, general assembly, painting lines, quality testing, and final inspection. It also has a research and development unit.
The company has signed a distributorship agreement with BAIC, a Chinese automobile manufacturer. This partnership enabled the introduction of the Mobius III, an advanced version of its earlier models, the Mobius I and Mobius II.
Mobius was founded in 2009 by British national Joel Jackson while living in Kenya. The company launched a stripped-back SUV model “built for African roads” in 2014.
Its first model was tagged at $10,000, which at the current exchange rate is about KES 1.3 million then—a deep discount from the market price for regular SUVs in Kenya at that time.
The Mobius III model was $43,000. Imported Toyota Land Cruiser Prados and locally assembled Land Rover Defenders and Jeep Wranglers were over $65,000.
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