Spencon Services Ltd. was a construction company headquartered in
Nairobi,
Kenya.
History
The company was established by Jitendra Chhotabhai Patel.
In September 1979 incorporation occurred.
In addition to its business in Kenya, began operating in
Tanzania and
Uganda,
India, and
Zambia in circa 1984-1985, 1988, and 1994, respectively.
[ It also had operations in Malawi, Mozambique, and Southern Sudan.
When the company was at its largest, its workforce numbered 5,000. Joel Gunter and Charles Young of the BBC stated that it was "one of the largest construction firms in ]East Africa
East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territories make up Eastern Africa:
Due to the historical ...
."Emerging Capital Partners
Emerging Capital Partners (ECP) is a Pan-African private equity firm that has raised over US$2 billion through funds and co-investment vehicles for growth capital investing in Africa. Founded in 2000 under the leadership of Thomas Gibian, Hurley D ...
(ECP) invested KSh. 1.5 billion (US$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
15 million) into the company and used it to take 37.4% of the company in 2009 by changing the money into ordinary shares.[
By early 2014 the company had been experiencing financial issues, so ECP assumed control of the company and appointed Briton Andrew Ross to help turn around the company in November of that year; ECP brought on Briton Steven Haswell in April the following year. Gunter and Young stated that "By the middle of 2016, Spencon was on its knees."][ In November 2016 the company collapsed, with Gunter and Young stated that it resulted in "hundreds of Kenyans out of work, some already missing months of pay."][ An additional 110 Kenyans were laid off by January 2017.
In 2017 Patel sued ECP in the United States District Court for the District of Columbia to get discovery, accusing ECP of illicitly buying a controlling stake in the company.][
]
Corporate affairs
Historically its head office was in Rahimtulla Tower
Rahimtulla Tower, also known as the Rahimtulla Trust Building, is a tower in the Upper Hill neighbourhood of Nairobi, Kenya.
The tower is a reinforced concrete structure, and clad with blue-tinted glass and white louvre tiles. The tower has tw ...
, in Upper Hill, Nairobi. The headquarters moved to a depot,[ in ]Muguga
Muguga is a settlement in Kenya's Kiambu County, formerly in Central Province.
It is the location of a Veterinary Research Centre.
Economy
Spencon had a headquarters in Muguga. The offices were in prefabricated buildings formerly used as wo ...
, Kiambu County,[
The holding company was registered in Mauritius.][
]
References
External links
*
*
*
BBC. Spencon: Inside the collapse of an African construction giant.
(Article)
*
BBC. Spencon: Inside the collapse of an African construction giant
(BBC Documentary on the BBC News Africa #REDIRECT BBC #REDIRECT BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the ...
official YouTube). 5 April 2020.
Companies based in Nairobi
Companies established in 1979
2016 disestablishments in Kenya
Kenyan companies established in 1979
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