Isuzu Acquires 57.7% Stakes From General Motors ( Kenyan Unit )

IMAGE COURTESY : BBC

Isuzu, a Japanese car manufacturer is set to take over General Motors (GM), an American based corporation after acquiring a stake of 57.7% from it. Once the process is complete, GM is expected to change its name to Isuzu East Africa.

This move makes Isuzu the largest shareholder of the firm, followed by the Kenyan government which owns 20% through the industrial and commercial Development Corporation (ICDC)

Centum investments come in third with a stake of 17.8% while the remaining 4.5% is owned by Japan’s Itochu Corporation.

“This move is our response to a request from Isuzu, which will enable it to be fully integrated into the company and apply more focus on its brand,” noted GM Africa President and CEO Mario Spangenberg

According to Mario, there has been a consistent rise in the sale of Isuzu especially its pickups, buses and trucks which sums up to atleast 95% of the sales made by GM.

Despite the deal, it is expected that GM will continue to offer it’s after sale services to all its customers.

Keep it BiznewsKE for more updates on this story.

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Muhatia
Muhatia is the Managing Editor of Biz News Media Reach him via editor@biznews.co.ke