Left, Gideon Moi/Photo Courtesy
A transport firm owned by the larger Moi family has continued to make moves in the transport sector. Siginon Logistics is one of Kenya's largests transport firms and is set to become even bigger in terms of asset base.
According to a report on The Standard newspaper on Friday March 19th 2021, Siginon Logistics has splashed over a quarter billion Kenyan shillings on a new fleet of trucks.
According to the Group Managing Director, Siginon has acquired 40 new trucks at a cost of Ksh 260 million. He went on to state that the move was necessitated by rising demand for reliable cargo transport by road. "The acquisition of the trucks ensures that we meet the growing demand for efficient cargo movement from the Port of Mombasa and the Inland Container Depot in Embakasi," he went on to state.
The firm has embarked in an aggressive expansion scheme since 2017 and in 2018 unveiled a brand new fleet of vehicles worth Ksh 140 million. In 2020, the group sold a portion of its business, Siginon Air, to a Turkish company.
Siginon was registered in 1985 and lists as its shareholders Kabarak Farm Limited and Mou High School Kabarak, institutions associated to former President Daniel Toroitich Arap Moi and now assumed to be controlled by Gideon Moi.
As of 2017, Forbes Magazine valued the group at over $100 million. In Kenyan shillings, this is over 10 billion shillings.