OREANDA-NEWS. CFAO announces the creation of a joint venture for East Africa. This new entity is owned by CFAO and by Porsche Holding Salzburg and will import and distribute Volkswagen Passenger Cars and Light Commercial Vehicles in six East African countries: Kenya, Malawi, Uganda, Tanzania, Zambia and Zimbabwe.

In a statement, Richard Bielle, Chairman of the CFAO Management Board said: “This joint venture agreement with Porsche Holding Salzburg reinforces the distribution contracts signed with Volkswagen at the end of 2014. The quality of CFAO teams and network in East Africa will allow to develop the sales of Volkswagen and strengthen the image of this leading Brand in East Africa. ”

About CFAO

CFAO is a leading specialised retail brand and preferred partner of major international brands. It targets promising markets in the equipment, health and consumer goods divisions in Africa and the French overseas territories. The Group is present in 37 countries, 34 of which are in Africa and seven in the French overseas territories. It had a headcount of 11,600 at the end of 2013. In 2013, CFAO generated consolidated revenue of €3,628 million and recorded recurring operating income of €269 million.

CFAO is 97.4% owned by TTC (Japan).CFAO is listed on NYSE Euronext Paris.