Top Kenyan Government Approved Mergers and Company Sales in 2024, Including NCBA and National …
The Kenyan corporate landscape in 2024 saw some major mergers and acquisitions take place, showing a shift in the economy and increased investor interest in the region. The Competition Authority of Kenya (CAK) was instrumental in approving these deals, making sure they followed competition and public interest laws.
One significant approval was Access Bank’s acquisition of the National Bank of Kenya. This is just one of the notable mergers that CAK greenlit, including Saturn Resources Limited’s complete acquisition of Shanta Gold and Kenafric Manufacturing purchasing Economic Industries.
The CAK’s role is to ensure that the market remains fair and competitive in Kenya. They check that any mergers or acquisitions won’t harm competition or go against the public interest.
Here’s a closer look at some of the approved mergers and acquisitions in 2024:
1. Kenafric Manufacturing Limited: On December 19, 2024, CAK approved the acquisition of Economic Industries Limited by Kenafric Manufacturing Limited, known for its production of PVC, EVA, and rubber footwear.
2. Pamstad Proprietary Limited: Pamstad Proprietary Limited gained approval on November 28, 2024, to take control of Trapin Holdings Limited, operating through Mac Mobile International Limited in Kenya.
3. Ramco Inc.: October 31, 2024, saw CAK approve Ramco Inc.’s acquisition of Ramco Plexus Ltd., a company involved in printing, polythene manufacturing, and promotional items.
4. Access Bank PLC: On October 30, 2024, CAK conditionally approved Access Bank PLC’s acquisition of the National Bank of Kenya’s entire share capital from the KCB Group.
5. KEDA (Kenya) Ceramics Company Limited: CAK unconditionally approved KEDA (Kenya) Ceramics Company Limited’s acquisition of assets from Ramoda Ceramics Limited on September 3, 2024.
6. Ondoba Limited, Kenyoro Limited, and Equico Thirteen Limited: On August 28, 2024, these companies were given the green light to acquire a 51% shareholding in Monarch Insurance Company Limited.
7. Bidcoro Africa Limited: Bidcoro Africa Limited was approved on August 20, 2024, to take over Suntory Beverage & Food Kenya Limited, a company known for its soft drink brands Ribena and Lucozade.
8. B Commodities ME (FZE): On August 12, 2024, B Commodities ME (FZE) was unconditionally approved to acquire the majority share capital of Lipton Teas and Infusions Kenya PLC, specializing in micro-financial services and tea production.
These approved mergers and acquisitions show a dynamic corporate environment in Kenya. The CAK’s oversight ensures a level playing field and helps maintain a competitive market for businesses and consumers alike.
