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 asset sale will commence on 26 August 2024 and conclude by 6 September 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.
