UAE’s largest operating conglomerate Al-Futtaim Group, has inched a step closer towards completing a takeover of Kenyan car retailer CMC Holdings, following an agreement by half of the dealer’s shareholders to sell their stake.

In September, the Dubai-based group announced an $86 million buyout bid for a 100 percent stake, and has opened an offering of Sh13 ($0.15) per share to shareholders to fasten the acquisition. The offer is valid till January, when CMC will be delisted from the Nairobi exchange, pending a successful seal.

Shareholders have responded positively to the offer, with over 50 percent declaring their willingness to relinquish their stake, though some might have been coerced by the possibility of losing all together as the potential de-listing will render unsold shares illiquid.

Al-futtaim already operates several businesses in North Africa, with most its operations clustered within Egypt. It however views the Kenyan acquisition as key to its expansion push into the emerging market in East Africa.

“Kenya, the key East African market, represents an under-penetrated corporate and consumer opportunity in segments like autos for proven foreign businesses,” said Hasnain Malik of the independent research provider Frontier Alpha.