Silver Box, a Middle East-based investment and technology firm, has acquired Mobius Motors Kenya for an undisclosed sum, rescuing the struggling Kenyan automotive manufacturer.
This acquisition marks a turnaround for Mobius, which had ceased operations and entered liquidation in August 2024.
Silver Box plans to reopen Mobius’ service center immediately and restart full-scale production of the Mobius 3 model by July 2025. Additionally, the firm intends to launch a new vehicle model by the end of 2025, aiming to expand Mobius’ market presence and introduce vehicles tailored for the African market.
“Preserving and enhancing the Mobius brand was a key factor in this acquisition,” stated John Kavila, the newly appointed Chief Operating Officer.
“Mobius Motors has built an exceptional foundation, and we are eager to build on this success by focusing on expanding our market share and increasing accessibility for Kenyan consumers.”
Mobius, specializing in affordable SUVs, had ceased operations after 14 years and KSh 5 billion in investments, succumbing to substantial debt, tax obligations, and declining sales.
Financial records indicate the company faced a KSh 73 million tax bill, with debts escalating from KSh 434.4 million in 2019 to KSh 649.2 million in the first eight months of 2020. Furthermore, shareholder decisions resulted in an additional KSh 389.1 million liability in 2020.
Silver Box will leverage its expertise in corporate management and advanced technology to drive Mobius’ growth. This includes expanding market share, developing a comprehensive network of service stations, and introducing new vehicle models designed to meet the specific needs of the African market.
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