Mauritius-based Barak Asset Recovery has been given the green light by regulators to acquire a 60 per cent stake in Savannah Cement from Seruji Ltd.
With one plant in Athi River, Nairobi, Savannah Cement began operations in 2012 and quickly gained a 15 per cent share of the Kenyan cement market. However, in recent years its market share slipped to 10 per cent with two lenders, banks KCB and Absa, seeking to liquidate the firm’s assets after Savannah defaulted on loan payments, reports The Standard.
According to the Comesa Competition Commission, Barak Asset Recovery “believes it has the necessary skills, expertise and competence to turn around the business of Savannah Cement and bring it back to profitability.”
