* Seeking shareholder approval to buy into Civicon
* Has net assets of more than $150 million
* Infrastructure development in high gear in the region
By Beatrice Gachenge
NAIROBI, Nov 10 Kenyan investment company
TransCentury plans to acquire construction and heavy
haulage firm Civicon Group, which has operations in several
TransCentury, which has more than $150 million net assets,
did not give more detail, saying on Thursday it was in a closed
period ahead of its annual general meeting on Dec. 6 at which
shareholders will vote on the Civicon deal.
The construction sector has experienced a major boom as
African countries embark on aggressive infrastructure
development to improve their global competitiveness.
Civicon has operations in Kenya, Rwanda, South Sudan, and
Uganda, serving markets in central, eastern and southern Africa
where it has built roads, petroleum refineries, and breweries,
and laid oil pipelines.
"Civicon falls very neatly into TransCentury's business
structure. It is a big plus for them," said Wycliffe Masinde, an
analyst at Kestrel Capital.
TransCentury has investments in Kenyan group East African
Cables, a transformer manufacturer in Tanzania, Rift
Valley Railways and engineering firm Avery East Africa, among
(Editing by George Obulutsa and Dan Lalor)