A Kenyan billionaire made Sh. 2 billion in just six months in 2024. The billionaire made the killing from the multi-billion deal in which Bamburi Cement was acquired by Tanzanian firm Amsons Group.

This billionaire has been identified as Baloobhai Patel. Within just a few months to the acquisition, Baloobhai Patel bought millions of Bamburi Cement shares. Mr. Patel acquired the Bamburi shares through his holding company which is known as Aksaya Investment Holdings.

Patel’s stake in Bamburi as at December 2023 stood at 14.96 million which was equivalent to a stake of 4.12 per cent. At the time, Mr. Patel’s stake was valued at Sh. 35.85 million from a trading price of Sh. 536.2 million.

Six months later, as at June 2024, Mr. Patel had increased his stake in the cement manufacturer to 30.52 million shares, an equivalency of 8.41 per cent.

As at mid-July when the Bamburi shares were trading at Sh. 60.25, this stake was worth Sh. 1.83 billion.

By July 31, his stake had increased to 37.73 million shares. By October 15, 2024, Patel further raised his stake in Bamburi to 40.36 million shares.

When the acquisition of Bamburi was completed, Baloobhai Patel pocketed Sh. 2.62 billion from his stake.

From his acquisitions, Patel made a gain of Sh. 1.25 billion on the value of his stake as of June 30 when his stake comprised of 30.5 million shares.

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In September, his stake in Bamburi saw him pocket another Sh. 736.6 million from a special dividend that Bamburi paid out. This took his total earnings from Bamburi to Sh. 1.98 billion in less than six months.

The buyout was finalized in December 2024 when shareholders completed their share transfers to Amsons.

The total number of shares that were transferred in the sale was 349.8 million with a worth of Sh. 22.74 billion at a share price of Sh. 65 per share. With this transaction, Amsons now controls a 96.4 per cent stake in Bamburi.