Businessman Peter Muthoka addresses Kamba leaders who converged at the Yatta farm of Wiper party leader Kalonzo Musyoka.
Tycoon Peter Muthoka has sold his ground handling and air cargo business, Transglobal Cargo Centre Limited, to Turkish firm Celebi Cargo GMBH for Sh5.2 billion.
The deal was approved by the Competition Authority of Kenya (CAK) in a notice on Wednesday.
"The transaction is unlikely to negatively impact competition in the market for cargo handling in
Kenya, nor elicit negative public interest concerns," the regulator said.
Businessman Peter Muthoka.
CAK reckons that sale the tycoon's firm, which operates under the business name Africa Flight Services, will result in increased investment in facilities, equipment, and human resources in the industry.
The firm is the top export cargo handler at JKIA, according to data from the Kenya Airports Authority.
Celebi Cargo, an air cargo handling business, operates at the Frankfurt Airport in Germany. According to CAK, it handles about 200,000 tonnes of cargo annually.
The deal marks the Turkish firm's entry into the Kenyan market.
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