Competition Authority fines Moringa School for an unauthorized merger
The Competition Authority of Kenya has penalised Moringa School a fine of 503,656 shillings for implementing a merger without seeking its approval as stipulated by the competition act no.12 of 2010.
In a statement, the CAK says Moringa School and Audrey Patricia Cheng – who is the acquirer of the school voluntarily, informed the authority that they had implemented a merger in 2016 without receiving the requisite regulatory approval.
The transaction involved an acquisition of an additional 50% shareholding in Moringa school by Ms. Cheng, resulting in a change from joint to sole control.
The authority engaged the two parties and, upon interrogating the relevant documentation, confirmed that the merger had been implemented without approval.
Moringa is a multi-disciplinary coding school offering technical and professional training.
The institution, which is headquartered in Nairobi, also has presence in Hong Kong, Pakistan, and Ghana.