The assets of debt-ridden Savannah Cement, including its factory and land holdings, are up for sale again to help compensate creditors, marking the liquidation of the firm, which went into administration in 2023.
In a notice issued on Friday, January 31, the cement maker’s administrator extended the deadline for submitting bids to February 28, inviting expressions of interest in its assets to recover its defaulted debt.
“The appointment Administrator of Savannah Cement Limited (Under Administration in Receivership) (hereinafter referred to as “the Company”); hereby extends the deadline for submission of bids to 28th February 2025 for interested local and international buyers to submit an Expression of Interest (“EOI”) and offer (“Bid”) for the purchase of the business and assets of the Company,” read the notice in part.
Before the extension, the company first put its assets on sale on July 29th, 2024, with an initial deadline of 16th August at 4 pm.
After the final evaluation of bids set for 25th October 2024, the administrator had originally slated 31st December 2024 as the final day for the asset sale.
Details Required from Interested Bidders in Purchasing Savannah Cement Assets
Interested parties can obtain the Information Memorandum from the office of the Administrator on all working days from January 31, 2025, to February 26, 2025.
“The Company’s assets and properties can only be viewed by appointment with the Administrator or one of their representatives,” the notice read further.
Bidders should provide details about their company, including the main business, countries of establishment and operation, duration of business activities, number of staff, turnover, and years in business (preferably five years or more).
They are also required to highlight any regional or international experience in the cement manufacturing industry or in similar sectors.
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Financial Capacity
Bidders will also submit a signed statement by a duly authorized representative of the bidding company attesting that the company is in good financial standing and not bankrupt.
The statement should also show it is not having its affairs managed by a court, or has entered into an arrangement with its creditors, has not suspended its business, or entered into or currently engaged in similar or related situations in any jurisdiction.
Additionally, bidders must demonstrate their company’s ability to undertake the transaction by providing bank confirmation and audited financial statements for the last three years.
Also, include the full name of a contact person, the company’s address, telephone number, email address, and website.
The bid must be accompanied by a refundable deposit of 10% of the bid amount, or a bank guarantee of at least 10% of the bid amount.
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Submission of Expression of Interest and Bids for Cement Maker’s Assets
Interested parties wishing to bid on the business and assets of Savannah Cement Limited (under administration, in receivership) must submit two separate and sealed envelopes, clearly marked as “Expression of Interest” and “Bid”, respectively.
Also to note, the bids should be prepared in English and addressed to:
Peter Kahi
Administrator, Savannah Cement Limited (Under Administration, In Receivership)
c/o PKF Consulting (K) Limited
Kalamu House, Grevillea Grove, Westlands
P.O Box 14077-00800, Nairobi, Kenya
The EOI and Bid must be submitted, duly completed and signed, no later than 4:30 PM (local Kenya time) on Friday, 28th February 2025 at the office of the Administrator located at Kalamu House, Grevillea Grove, Westlands, Nairobi, Kenya.
All interested bidders shall bear the costs associated with the preparation and submission of their Expression of Interest and Bid. This includes, but is not limited to:
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- Participation in any conference or site visit.
- Information gathering process and attendance at additional scheduled or unscheduled meetings.
- Preparation of responses to any questions or requests for clarification from the Administrator regarding the EOI and the bid process.
“Any communication, enquiries and requests for additional information should be directed to the administrator, Peter Kahi on: Email: [email protected] or Tel: +254(20)4270000/0732144000,” the administrator said.
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