Firm gets nod for Savannah Cement deal

Savannah Cement started operations in 2012 and was able to gain market share fast, controlling 15 per cent of the market by 2016. [Elvis Ogina, Standard]

A Mauritian firm has received regulatory approvals to acquire a majority stake in troubled Savannah Cement.

The Comesa Competition Commission has approved the acquisition of a 60 per cent stake in Savannah Cement by Barak Asset Recovery from Seruji Ltd. This is as Barak tries to recover a loan it had advanced to Seruji, according to disclosures the companies made to the regional competition watchdog.