Bamburi shares hit a high of Sh. 70 per share a day after Kenya’s Savannah Clinker Limited offered to acquire the entire Bamburi Cement company for Sh. 25.41 billion.
At the end of trading on Thursday August 29, 2024, the Bamburi shares closed at Sh. 70 with a traded volume of 27,200 at the Nairobi Securities Exchange. This was a price increase of Sh. 4.25 from the previous day’s closing price of Sh. 65.75.
The Bamburi counter has experienced a price range of Sh. 21.30 and Sh. 70 per share within the last 52 weeks.
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This is the second time that the Bamburi shares are spiking after a bid. In the initial bid by Amsons, the Bamburi shares shot up by more than Sh. 45 per share to touch Sh. 60 and eventually Sh. 65 per share. The Amsons offer was a premium on the Sh. 45 per share that Bamburi had as at the close of trading on July 10.
The buyout offer by Savannah Clinker is higher than the initial buyout bid of Sh. 23.59 billion that has been offered by Tanzanian conglomerate Amsons Group.
If the Savannah Clinker’s offer is to be accepted, shareholders would get an extra Sh. 5 per share on the offer by Amsons that had placed the deal at Sh. 65 per share.
“Savannah Clinker Limited notifies the public that it has on 27th August 2024 served Bamburi Cement with a notice of intention to acquire up to 100 percent of the ordinary shares of Bamburi,” the offer notice by the company stated.
“The competing offeror intends to make the competing offer for the entire issued share capital of Bamburi but will be prepared to complete the competing offer if it secures the purchase of at least 60 per cent of the offer shares by the close of the competing offer.”
