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News Savannah Cement prepares to sell assets

Savannah Cement prepares to sell assets

Written by Global Cement staff 02 August 2024
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Kenya: Savannah Cement will sell assets including its Athi River grinding plant to compensate creditors, following its liquidation after entering administration in 2023, Business Daily has reported. Savannah Cement’s administrator PKF Kenya announced that the closing date for expressions of interest will be 16 August 2024. The company owes creditors US$139m. KCB Bank Kenya and Absa Bank Kenya, as preferential creditors, are owed US$68.5m and US$40.3m respectively, and will have their claims prioritised in the liquidation process. The forced sale value of these assets stands at US$58.6m, suggesting losses for unsecured creditors.

Last modified on 07 August 2024
Published in Global Cement News
Tagged under
  • Kenya
  • Savannah Cement
  • Sale
  • grinding plant
  • Assets
  • Liquidation
  • administration
  • Debts
  • KCB Bank
  • Absa Bank
  • GCW671
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