Local tycoons in Kenya acquired troubled Savannah Cement

Savannah Cement

Kenia’s troubled Savannah Cement has been acquired by a group 4 flour mill tycoons in a deal of KES 3.8bn (US$29.4m). The tycoons are associated with milling companies that include Mombasa Maize, Kitui flour Millers and Eldoret Grains Ltd. The acquisition was approved by the Competition Authority of Kenya (CAK) without conditions a few days ago, since it was unlikely to lead to a substantial prevention or lessening of competition and no negative public interest concerns were envisaged. The new Savannah Cement shareholders are Mortgate Holdings, SMA Investments and a third group, all of them are associated with the mentioned milling companies.

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