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CFAO acquires Mandala motor division
By
Our Reporter - 17-06-2002 |
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A French firm CFAO Group has acquired the 100 percent shares in the motor division of Mandala Limited from African Lakes Corporation (ALC) effective May 2002.
The division, which holds exclusive franchise for Nissan Motor Company and Ford Motor Company, will now be called CFAO Malawi Limited, according to managing director Roddy Sharp.
Sharp said on Thursday during the press briefing that ALC decided to dispose of its interest in the motor division to focus its operations on core areas of information technology and financial services.
He said ALC already sold its interest in tea estates and buildings.
Sharp said the coming of CFAO Group, which is already a big player in the motor industry marked a new era for the company because “they are the best people, know Africa and are well versed in the motor industry.”
CFAO Group chief executive officer Alain Viry said the company’s investment in Malawi underlined the confidence and trust the group has in the future of the country.
He said while many investors were disinvesting from Africa, CFAO remained committed to Africa.
He said CFAO invests about US$50 million are every year in Africa.
CFAO, which is also involved in pharmaceutical distribution and information technology, made about US$1.5 billion turnover last year.
Apart from Europe, CFAO is present in 28 African countries, including Kenya, Tanzania, Uganda and Zambia in the East and Southern African region.
In Malawi, CFAO sold 444 vehicles and services about 650 vehicles each month with 316 employees.
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