Print and packaging firm Ramco Plexus has acquired 73.6 per cent of the issued share capital of scratchcard making giant Sintel Security Print Solutions.
The Competition of Authority of Kenya (CAK) said in a gazette notice that it had authorised the proposed acquisition of the security printing firm that makes scratch cards for telecommunications firms Safaricom #ticker:SCOM, Airtel and Telkom.
“PURSUANT to the provisions of section 46 (6) of the Competition Act, 2010, it is notified for general information that in exercise of the powers conferred upon the Competition Authority by section 46 (6) (a) (ii) of the Competition Act, the authority has authorised the proposed transaction as set out herein,” said the notice signed by CAK Director-General Wang’ombe Kariuki.
Thika-based Sintel also supplies cheques for local commercial banks and stamps to State firm Posta Kenya.
Ramco Plexus, a subsidiary of regional print business conglomerate Ramco Group, has been on an expansion drive that saw it buy local printing company Panthera Publishers Ltd last year.
CAK approved the merger in 2018 on condition that Panthera’s 21 employees are retained.
Ramco Plexus was formed as a partnership between Ramco Group and Amethis Finance, a French private equity firm, and comprises a group of 12 companies based in East Africa. Other companies under the firm include Ramco Printing, ASL Packaging Ltd and Polythene Industries Ltd.
Further expansion will see Sintel’s Thika facility produce credit and debit cards. Other Sintel partners include education non-profit Amara Trust.