Company & Assets Up for Sale After Financial Downfall

A Kenyan company first commissioned in 2012, Savannah Cement, has announced the sale of its assets under administration and in receivership. 

In a notice published in the dailies on Monday, July 29, the Savannah Cement company invited bidders and buyers to express interest in the property. 

The Company and assets had been put on sale after a financial crisis that led to its downfall. According to the notice, the sale process involves two stages: pre-qualification evaluation and the request for proposals.

Further, the notice has issued a deadline of August 16, 2024, for submission of interest in the items that are up for sale.

“Interested local and international buyers to submit their Expression of Interest (EOI) for the purchase of the business and assets of the Company under administration & in receivership.”

“Details of assets and properties to be sold may be obtained by the shortlisted/ pre-qualified potential bidders from the office of the administrator on all working days from 26th August 2024 up to 6th September 2024,” the statement read in part.

Additionally, the notice argued that the cement company has a well-established customer base in the retail and corporate sectors of the cement market in Kenya and within the wider East Africa region.

“The quality of products produced is high and the company’s products can be associated with some of Kenya’s iconic infrastructure such as the SGR Phase I&II. Outering Road, Kibwezi-Mutomo- Kitui Road.

“Also, the University of Nairobi Towers, Nairobi-Southern, Eastern and Western by-passes, Greatwall Apartments in Athi-River, Kipeto Wind Power Station, Thiba Dam, Thwake Dam, Freedom Bridge in South Sudan, Karuma Dam in Uganda among many other projects,” added the statement.

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Company Explains Details Required from Buyers

Interested buyers have been directed to submit an EOI which ought to include general information on the company including main business, country(ies) of establishment and operation.

The information should also include the company’s duration of business activities including number of staff, turnover, years in business (preferable 5 years or more).

At the same time, interested buyers will be required to indicate their technical and financial capacities to upgrade and manage Savannah Cement, as well as give an indication on regional or international experience in cement manufacturing industry or similar sectors.

Also Read: Tanzanian Company Announces Ksh 23billion Bid to Acquire Bamburi Cement

How to Bid for Savannah Cement Assets

Expression if Interests should be clearly marked “Expression of Interest For purchase of the business and assets of Savannah Cement Limited (Under Administration, In Receivership)”.

Also, it should be prepared in English and submitted in sealed envelopes presented in three (3) hard copies one of the copies, original, should be delivered and addressed to: Peter Kahi Administrator Savannah Cement Limited (Under Administration, In Receivership) c/o PKF Consulting (K) Limited Kalamu House- Grevillea Grove, Westlands, PO Box 14077-00800 Nairobi, Kenya tall@gmail.com.

Submission by email is not allowed.

“The interested buyers shall bear all costs associated with the preparation and submission of their EOI including, without limitation, all costs and expenses related to interested buyer’s involvement,” explained the notice. 

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