The Competition Authority of Kenya has approved Shanta Gold Ltd’s (LON:SHG) proposal to buyout 100 percent of the shares of Acacia Exploration (Kenya) Ltd, the local Kenya subsidiary of Barrick Gold.
Wang’ombe Kariuki, Director-General in Fridays’ 26 June Gazette notice said “..in exercise of the powers conferred upon the Competition Authority by section 46 (6) (a) (ii) of the Competition Act, the Competition Authority has authorized the proposed transaction as set out herein.”
From the notice, the Authority approved the transaction 26th May, 2020.
In a statement issued in February 2020, Shanta said the acquisition would expand its operating presence in East Africa.
“The West Kenya acquisition is significant for Shanta Gold, creating an East African Gold-mining champion with realisable growth prospects and high asset quality across three attractive gold projects,” said Shanta chief executive Eric Zurrin.