The family of the late former president Daniel Arap Moi has sold majority shares in Siginon Aviation.
Reports indicate Senator Gideon Moi, who oversees the operations of the company, sold a 51 percent stake to a Turkish company, Celebi Ground Handling Inc. that has interests in the aviation industry.
Gideon holds a 12.5% stake in Siginon while 75% is under Kabarak University, which is also owned by the family. The remaining 12.5% share is owned by Joshua Kulei, a long-serving personal assistant to Moi.
Following the acquisition, Celebi Aviation Company has appointed Ferda Yakar as Siginon’s CEO to run operations in East Africa.
Siginon Aviation specializes in supply chain management with a focus on supply chain logistics, ground handling, container freight stations, clearing and forwarding, trucking, warehousing, distribution, and project cargo logistics. The company also offers air cargo solutions in Tanzania and Uganda.
Siginon began as a small clearing and forwarding company in 1985 and has grown over years to become a regional leader in logistics. The company had an annual turnover of $100 million (Sh10 billion) as of 2017, according to Forbes.
The company runs Siginon Container Freight Station (CFS) near the Mombasa Port, which serves importers and exporters moving local cargo or transit containerized cargo as well as vehicular cargo at the Port of Mombasa.