Julius Mwale Joins Tycoons Bid To Buy Forbes

Mwale Medical and Technology City (MMTC) and Kenyan businman Julius Mwale has listed as one of the key global billionaires seeking to buy shares in American business magazine, Forbes, in a bid worth approximately Ksh90 billion.

According to reports by US publication Axios, Luminar Technologies CEO Austin Russell is said to be leading the bid with $10 million of his own money as part of the bid to buy 82% of Forbes .

“Limited partners of investment group funding bid include Kenyan businessman Julius Mwale who will put in tens of millions of dollars,” Axios reported.

Global Silicon Valley (GSV), a Silicon Valley-based investment firm, Sun Group a conglomerate from India, and Kazakistan businessman Bulat Utemaratov are among the partners looking to invest.

“For over 100 years, Forbes has served as the authority representing success and business news at a global scale, and I’m honoured to be selected by the owners as the new steward of the brand,” lead investor Austin Russell stated.

Mwale is the founder of Mwale Medical and Technology City which is based in Kakamega County. The medical facility has a 5,000-bed capacity with the entire project estimated to cost Ksh2 billion.

As the lead investor of MMTC, Mwale invested and mobilized over US $2 billion to build the new city with a 100% green concept.

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