Quantum Global finalises Savannah Cement stake sale

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Savannah Cement Plant at Athi River. (Photo: Wilberforce Okwiri/Standard)

Quantum Global has concluded its exit from local cement maker, Savannah Cement.

This follows the sale of its stake in Seruji, the Mauritius-based firm that has a 60 per cent ownership in Savannah.

Quantum’s exit gives local businessman Benson Ndeta more control over Savannah, which will now own Seruji.

Mr Ndeta also has a stake in Savannah Heights, the other shareholder in Savannah Cement.

In a statement on Thursday, Quantum Global said it had completed the sale of its stake in Seruji following receipt of regulatory approvals, paving the way for its exit from Savannah Cement.

Right time

In early September, the Competition Authority of Kenya said it had okayed the transaction.

Quantum said it had achieved major progress in improving the capacity of the Athi River-based cement manufacturer since 2015, when Seruji acquired a 60 per cent stake in Savanah.

“Quantum Global’s investment was designed to support the cement producer on a number of value creation initiatives, including the development and launch of new products and the optimisation of existing facilities,” said Jean-Claude Bastos de Morais, Quantum Global’s founder and group chief executive.

“The exit from this investment is testament to the success of our approach of deploying capital in transformative sectors of key importance in Africa at the right time,” he added