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Sunday, 26 November 2017

Mansour Group-led consortium wins distribution rights for Peugeot cars

Also from the land of cars this morning: Mansour Group-led consortium wins distribution rights for Peugeot cars: The Peugeot-Citroen arm of Groupe PSA has reportedly selected a consortium of Mansour Group and Dubai-based Scope Investment to be its licensed distributor of Peugeot vehicles in Egypt, Al Borsa reports. The decision follows reports that emerged last week that Peugeot-Citroen is ending its 41-year relationship with Cairo For Development and Cars Manufacturing (CDCM). The French automaker had called on companies in May to submit bids for the representation; CDCM was reportedly among the bidders, according to documents obtained by the newspaper. Groupe PSA is finalizing the partnership agreement with the consortium, with Mansour Group reportedly looking to spin up commercial activities in early 2018. Arabia Investments, Development and Financial Investment Holding Company had said last week that it would take “legal action to preserve its rights and protect the interests of shareholders.”

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