Simba Cement, a subsidiary of Devki Group, has received approval from the Competition Authority of Kenya for the 100 per cent acquisition of West Pokot-based Cemtech Ltd, according to Business Daily Africa.
"We are still negotiating with Cemtech and we hope to close the deal soon. We are eager to venture into West Pokot to change its perception and the lives of its people for the better," said Narendra Raval, founder and chairman of Devki Group.
The merged entity is expected to have a market share of eight per cent, however the cost of the transaction remains undisclosed.
"The Authority considered that Cemtech has been dormant for a decade. Its shareholders have been looking for a strategic partner to finance construction of a cement plant. The proposed acquisition is therefore expected to resuscitate the dormant firm, create jobs and raise the economic profile of West Pokot County," said the regulatory agency in a statement.
