The takeover offer for CMC Holdings Limited by the Al-Futtaim group has officially opened, the firm said in a press statement.

The opening of the offer now allows existing shareholders to sell their stakes to the Dubai based firm.

“We are pleased for this opportunity to add value and synergy to East Africa’s automotive industry through CMC Holdings, a firm with rich heritage, just like the Al-Futtaim group. This is our first investment in sub-Saharan Africa, and we are looking forward to working with CMC for the long haul,” said the Group Director of Corporate Development at the Al-Futtaim group, Marwan ShehadehMr Shehadeh.

Al-Futtaim group made a Sh7.5 billion buyout offer in September in what is likely to see the firm de-list from the Nairobi Securities Exchange.