Dar es Salaam – In a significant development, Amsons Industries (K) Ltd has officially secured control of 96.4 percent of Bamburi Cement’s 362.96 million shares, following a substantial transfer of 212.73 million shares valued at KSh13.83 billion (approximately Tsh262.55 billion) from Bamburi’s shareholders.
This pivotal transaction comes after Savannah Cement retracted its offer amid the arrest of its chairman, Benson Nduta, for alleged fraud, as reported recently.
Bamburi Cement’s shareholders have given their approval for the KSh23.2 billion (about Tsh459 billion) acquisition by Amsons Industries (K) Ltd, a notable subsidiary of the Amsons Group. Amsons purchased 137.06 million shares from various stock owners, totaling KSh22.74 billion (approximately Tsh431.7 billion), with shares priced at KSh65 (Tsh1,234) each.
In a statement, Amsons Group expressed, "This acquisition aligns with our strategy to expand into specialized cement manufacturing and complements our broader growth objectives. With Bamburi Cement now part of the Amsons family, we anticipate creating significant mutual benefits through this integration."
The Kenya Capital Markets Authority (CMA) has confirmed Savannah Cement’s withdrawal in accordance with the Capital Markets (Takeover and Mergers) Regulations, 2002. The regulator also indicated that shareholders who do not alter their decisions will be considered to have declined Amsons Industries (K) Limited’s offer, thus remaining as shareholders of Bamburi Cement.
