The Kuwait-based National Aviation Services (NAS), a subsidiary of Kuwait-based logistics provider Agility Public Warehousing, has acquired 51 per cent 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.
However, the company did not disclose the cost of the deal, but it said the enterprise value is approximately $40 million.
NAS Group CEO Hassan El-Houry said, “During the Covid- 19 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. With this growing demand, we expanded our focus on cargo management in Africa and the partnership with Siginon Aviation is indeed timely.”
