Cement News tagged under: Savannah Cement Group

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New administrator for Savannah Cement announced

17 May 2023, Published under Cement News

Harveen Gadhoke of Adili Associates has been appointed to turn around impoverished Savannah Cement with the view of recovering KES10bn (US$72.8m) owed to KCB and Absa Bank Kenya. Savannah Cement has been in court for the past year, disputing the debt of over KES7bn owed to KCB Bank and over KES3bn owed to Absa Bank. The cement firm has been facing financial challenges for the past three years. It closed briefly in late 2021, forcing all employees to proceed on a 10-day break to pave th...

Savannah Cement Group sources funds for new clinker plant

19 April 2023, Published under Cement News

Savannah Clinker has received KES65bn (US$500m) to fund construction of a new clinker factory in Kenya. Savannah Clinker, an affiliate of Savannah Cement , said it raised the funds through a privately placed debt arrangement with the bond set to be listed at regulated international exchange. Savannah currently imports clinker as it does’t have a clinker plant. Savannah will build its clinker plant in Kitui County, as demand for cement surges due to a construction boom that has been boost...