National Aviation Services (NAS), a subsidiary of Kuwait-based logistics giant Agility, has announced that it has acquired Kenya’s Siginon Aviation in a deal worth in the region of $40 million (KD12m).
The acquisition, which was announced in a note to the Dubai Financial Market (DFM) on Sunday, will see NAS take a 51 percent shareholding of Siginon Aviation – the largest aviation cargo management and ground handling company in Kenya.
The statement said: “NAS will manage the company moving forward, including operations in Nairobi and Eldoret International Airports. Both airports are considered major African aviation and cargo hubs.”
Agility reported a 503.7 percent year-on-year increase in net profits to KD38.6m ($128.2m) for the second quarter of 2020. While, for the first six months of the year, the company announced profits of KD51.2m ($170.1m), up 215.9 percent over the same period last year.
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