Savannah Cement factory in Athi River. [Photo/constructionkenya.com]
Quantum Global Group has completed the sale of its interest in Savannah Cement, following the receipt of regulatory approvals.
The investment was designed to support the cement producer on a number of value-creation initiatives, including development and launch of new products and the optimization of existing facilities.
Quantum had partnered with Savannah Cement to close the existing infrastructure gap in Africa.
Quantum Global founder, Jean-Claude Bastos de Morais, in a statement reported by the Star, said that the exit from this investment is testament to the success of their approach of deploying capital in transformative sectors of key importance in Africa.
Martin Bachmann, head of active management at Quantum Global, said that the company is well positioned to compete in an expanding marketplace, wished them continued success.
The firm held the asset since 2015 through its $1.1 billion (Sh113.9 billion) infrastructure fund, which is one of the most significant private equity funds in Africa solely focused on infrastructure developments.
The move is coming just a month after the Competition Authority of Kenya unconditionally approved businessman Benson Ndeta’s acquisition of Savannah Cement.
Savannah Cement currently has two shareholders — Seruji with a 60 percent stake and Savannah Heights with a 40 percent stake. Ndeta owns 51 percent of Seruji and 35 percent of Savannah Heights.