This archive report was first published on 28 October 2021.
Published on October 28, 2021, the Moi family's Siginon Aviation has sold a majority stake to National Aviation Services, a Kuwait-based firm.
The sale will see National Aviation Services acquire a 51 per cent stake in Siginon Aviation, a subsidiary of the Siginon Group Limited, which provides airport ground handling and cargo management services.
Although the cost of the deal has not been made public, National Aviation Services has valued the Siginon enterprise at an estimated Sh. 4.4 billion.
With its global presence and expertise in airport services, National Aviation Services aims to strengthen ground handling, ramp handling, and cargo handling capabilities in the region, especially in East Africa.
“A combination of NAS’s global presence and expertise in airport services with Siginon Aviation’s experience in Kenya will successfully strengthen the ground handling, ramp handling and cargo handling capabilities in the region, especially in East Africa,” said NAS chief executive Hassan El-Houry.
National Aviation Services has already set up business in countries such as South Africa, DRC, Guinea Bissau, and Zambia.
“This partnership is a true reflection of our mutual ambition to make a positive mark in service excellence, extend our footprint in Kenya and beyond as we jointly tap onto the opportunities present in the cargo and aviation sector,” Siginon Group’s managing director Meshack Kipturgo said.
The sale marks the latest multi-billion transaction carried out by the Moi family, following the sale of a 93.57 per cent stake in Transnational Bank to Nigerian lender Access Bank for Sh. 1.4 billion two years ago.
