Seruji Ltd acquires 60% stake in Savannah Cement

Seruji Ltd acquires 60% stake in Savannah Cement
30 March 2015

The Competition Authority of Kenya has approved the proposed acquisition of 60 per cent of the shareholding of Savannah Cement Ltd by Seruji Ltd, according to a Gazette notice dated 27 March 2015.

Seruji Ltd spokesperson, Alfred Ng’ang’a, said the company has acquired the stake previously held by the pioneer Chinese investors of Savannah Cement. “Seruji Ltd has made a 60 per cent acquisition of the shares previously held by Savannah Cement’s international investors, for a publicly undisclosed consideration,” Mr Ng’ang’a stated.

“The former investors at Savannah Cement were Ms Acme Wanji who held a 20 per cent stake and Ms Wanho International Holdings Ltd, which held a 40 per cent stake, alongside the locally owned, Savannah Heights Consortium, which holds a 40 per cent equity stake.”

In 2012 Savannah Cement opened a 1.5Mta grinding plant at Athi River. In November 2014 it announced plans to construct a clinker plant alongside the grinding unit with a budget of KES8.5bn (US$100m).

Published under Cement News