Barely a year after losing their father the late Mzee Daniel Toroitich Arap Moi, Moi family has started offloading most of its business ventures.
Reports reaching this desk on Friday November 13th indicate that the family led by its heir Gideon Moi has sold majority of its logistic Siginon company shares to Turkish Celebi Aviation Holding CAH.
Though paper work is still underway, Celebi is already said to be carrying on with Siginon Aviation operations within the region.
Further details on our desk have confirmed how Celebi Holding project coordinator Ferda Yakar has been appointed Signon East African Region CEO. The Turkish Company acquired 51 percent stake in Siginon.
Paper details at Siginon put Meshack Toroitich Kipturgo as the only director at Siginon Aviation which makes an affiliate of Siginon Group of Companies. The multibillion company is based in three East African countries Kenya, Uganda and Tanzania.
In Uganda, for instance, the business has not been so good especially the logistics part what forced it to lose millions at some point.
Homenews.co.ke has also unearthed that Siginon Group which was registered in 1985 does not have individual shareholders but instead chose to use entities owned by Moi family as the shareholders. Among them is Kabarak Farm ltd, Migotiwo Plantations and Moi High School Kabarak whose directors are Zambuni Shaun Aluni, Meshack Toroitich and Joshua Kulei.
Mr. Kulei served as President Moi’s long time personal assistant during the Moi 24 year rule.