Competition Authority of Kenya (CAK) has approved Saturn Resources Limited's full acquisition of Shanta Gold Company under ETC Group.
Saturn Resources Limited, which has assets in a diverse range of industries, including logistics, agrochemicals, insurance, fertilizers, and FMCG distribution, will now own all Shanta Gold Limited company shares.
“The Competition Authority of Kenya has approved the proposed acquisition of 100% shares of Shanta Gold Limited by Saturn Resources Limited unconditionally.”
“The transaction qualified as a merger within the meaning of Section 2 and 41 of the Competition Act. The Act stipulates that a merger, or takeover, may occur when an undertaking directly or indirectly acquires control over another business within Kenya. This may happen through, among others, purchase/lease of shares, exchange of shares, vertical integration,” CAK said in a statement.
Shanta Gold Limited has been undertaking a gold exploration business and currently holds mining licenses in the western region of Kenya.
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