Barely a week after the announcement of its closure, Mobius Motors has received a potential acquisition offer from an undisclosed buyer.
Nicolas Guibert, a director at Mobius, released a statement confirming that on August 14, the company accepted an offer for the complete acquisition of its shares by a prospective buyer.
The involved parties are currently working to finalize the agreement within a 30-day timeframe.
In response to this development, Mobius has opted to postpone a previously scheduled meeting with its creditors.
This delay aims to allow the ongoing negotiations regarding the acquisition to proceed without any disruptions.
The intentions of the potential buyer may include utilizing Mobius’s assembly facility in Nairobi for the production of their own vehicle models or continuing the manufacturing of Mobius’s vehicles.
As earlier reported, Mobius Motors announced it is going into liquidation after struggling with debts.
Guibert issued a creditors’ voluntary insolvency notice, saying the decision followed a stakeholder meeting earlier in the day.
“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,” read the notice.
During liquidation, the remaining company assets are used to pay creditors and shareholders based on the priority of their claims.
Mobius Motors was founded in 2010 by British entrepreneur Joel Jackson, who recognized the need for a rugged, affordable vehicle to improve transportation in Kenya, especially in rural areas.
Jackson spent ten months researching and developing the Mobius I prototype, which provided valuable learning and shaped the company’s approach to simplified design and smart use of off-the-shelf components.
The company initially operated out of a small shed in Kilifi on the Kenyan coast before moving to Mombasa and then to Nairobi, where the company headquarters and showroom are located at Sameer Business Park off Mombasa Road.
Before acquiring external funding in 2012, Joel bootstrapped the company’s operations.
In 2011, the company started work on the next prototype for its first production model, the Mobius II, featuring more detailed engineering and design.
The Mobius II employed minimalistic design, sticking to basic functionality and lacking such basic functionalities of modern cars as power steering, door handles, GPS navigation, and glass windows.
The first production of Mobius II hit the market in 2014 to a warm reception, despite concerns regarding the company’s pushing back of release dates.
The 50 vehicles produced by Mobius Motors in partnership with the Kenya Vehicle Manufacturers had sold out by June 2016.
