Following the acquisition (51%) of Comprehensive Multiple Transport Company (CMTC) in Amman, Jordan, by City Bus Group of Kuwait, Direx Solutions provided leadership to run the capital’s urban bus network, involving the management of more than 450 staff.
CMTC is a Public-Private Partnership (PPP) in Jordan’s transportation sector between Abu Khader Group, the Jordanian government and Greater Amman Municipality. It operates under the AutoBus brand, owning more than 500 buses and serving around 150,000 passengers daily in the capital.
Soon after assuming our role, we diagnosed serious shortcomings in the acquiring company’s due diligence process, which resulted in severe commercial challenges for CMTC. Our solutions included balance sheet restructuring and devising an eight-month ‘face-saving’ strategy with the Kuwaiti owners to run the company while a new owner was sought.