Nairobi, June 8 -- CFAO Mobility Kenya has taken a controlling stake of 99.4 percent in Thika-based Kenya Vehicle Manufacturers (KVM) after investing Sh2.4 billion in the assembler.

The injection of new capital by CFAO resulted in a major dilution of its partners, CMC Holdings and the National Treasury, which now hold 0.3 percent each in KVM.

For decades, the assembler's largest shareholder was the National Treasury with a 35 percent stake, followed by CMC Holdings (32.5 percent) and DT Dobie (32.5 percent).

DT Dobie and Toyota Kenya merged in April 2023 to create CFAO, which inherited the KVM stake and in 2024 took the first step to raise its ownership by investing Sh882 million in the assembler.

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