Quantum Global, an international group of companies active in the areas of private equity investments and investment management has announced the sale of its shares in Kenyan cement manufacturer Savannah Cement after obtaining the green light from the relevant regulatory authorities.
Quantum Global has held this asset since 2015 through its infrastructure fund of USD 1.1 billion, which is one of the largest private funds in the continent focused exclusively on infrastructure development. The company says its investment in Savannah Cement was intended to support the cement industry on a number of value-creating initiatives, including the development and launch of new products, and the optimization of existing infrastructure.
Savannah Cement started its activities in 2012 and is majority (74%) owned by businessman Benson Ndeta.
According to estimates from ApexAfrica Capital, Savannah Cement is the third largest cement maker in the country with an estimated market share of 17% after Mombasa Cement with 18.2% and Bamburi Cement with a market share of 23.9%; Before the respective companies planned expansion.