Automaker Mobius Motors will close its Kenyan business after shareholders approve plans to place the company under liquidation.
In a notice, Mobius Motors Kenya Director Nicolas Guibert appointed KVSK Sastry as the liquidator to help close the company.
“At a meeting of the Shareholders held on 5-Aug-2024, it was Resolved to place the Company under Liquidation as per Section 393(1)(b) of the Insolvency Act and to appoint KVSK Sastry as the Liquidator to wind-up the Company,” he said.
After the stockholders' decision, Guibert said that the firm would engage with its creditors to consider insolvency.
“List of names of the Creditors and Proxy forms will be made available, free of charge, for inspection on 9-Aug-2024 at the Company’s offices at Mobius Motors office, Block C3, Sameer Business Park, Mombasa Road, Nairobi.”
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Mobius was founded in 2011 by British Joel Jackson to build a vehicle in Africa for the continent and began with the first-generation Mobius 2 (Kes1.5 million) that was launched in the country in 2015.
The firm later rolled out Mobius 3 (Kes 3.9 million).
In 2020, the firm received $5 million from the US government’s development finance institution, Oversees Private Investment Corporation, to establish a new plant.
It then said that the new unit would be equipped with quality testing, fabrication of the car frame, painting, anti-corrosion treatment, etc.
