The Automobile Association of Kenya (AA Kenya), a fleet management solutions provider headquartered in Kenya, has received approval from the Capital Markets Authority (CMA) to raise 229 million Kenyan shillings ($1.5 million) in new capital through a restricted offer. This fundraising initiative, exclusive to existing shareholders and employees, serves as a test case to potentially pave the way for a larger public offering in the future. AA Kenya offers services such as roadside assistance, vehicle information, maintenance advice, motor vehicle valuation, insurance premium negotiation, and the establishment of petrol depots.
This capital raise follows AA Kenya's recent introduction of Signature Membership and Champion Membership, aimed at expanding its membership base. The company, transitioning from an association to a public company, aims to utilize the funds for expansion, including venturing into service center businesses in major cities and expanding operations in Rwanda and Ethiopia.