Kenya’s Competition Authority approved Signature Leaf Ltd.’s acquisition of certain assets belonging to Mastermind Tobacco (K) Ltd., which is under administration. The approval was published in the Kenya Gazette Oct. 2, under Gazette Notice No. 15916, following a decision dated Aug. 21 under Section 46(6)(a)(ii) of the Competition Act. The transaction could mark a new chapter for the Kenyan tobacco manufacturer, which stopped production in June 2023 and was placed under administration by I&M Bank in December 2023.
According to The Kenya Times, Mastermind was founded in 1987 by the late Wilfred M’iti Murungi, a former British American Tobacco Kenya executive, and grew to become Kenya’s second-largest cigarette manufacturer after BAT. Its cigarette brands included Supermatch and Rocket. The company later faced financial difficulties, including a tax dispute with the Kenya Revenue Authority involving reported arrears of about KSh2.9 billion ($22.3 million), and subsequently dismissed about 1,000 employees as its financial position deteriorated.
