Thursday, July 25, 2024

Tanzania’s Amsons Group makes Sh. 23.2 billion offer to buy Bamburi Cement

Tanzania’s Amsons Group has made a multi-billion offer to acquire Kenyan cement maker Bamburi Cement. The Tanzanian conglomerate has made an offer of $180 million (Sh. 23.2 billion).

This takeover valuation has been arrived at from Amsons Group offer of Sh. 65 per share of Bamburi Cement for all shares. This means that the offer is a premium on the current trading price for Bamburi shares. For instance, as at the close of trading at the Nairobi Securities Exchange on Wednesday July 10, Bamburi settled at Sh. 45 per share.

Over the past year, the Bamburi counter has had 52 week range of a low of Sh. 21.30 per share and a high of Sh. 49.95 per share.

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This acquisition, if successful, will be the largest in the east African region. “Our offer to acquire shares in Bamburi is part of our corporate market expansion plan,” Amsons Group Managing Director, Edha Nahdi, said.

“This acquisition will mark the formal entry of Tanzania’s Amsons Group into the Kenyan market, where we plan to make investments in other industries in the coming months. We have great plans to deepen our investment in Kenya and in Bamburi Cement.”

According to a breakdown on the shareholding of the cement maker, the top ten shareholders at Bamburi include Fincem Holding Limited with a stake of 29.30 per cent, Kencem Holding Limited with a stake of 29.30 per cent, Standard Chartered nominees RESD A/C KE11396 with a stake of 15.68 per cent.


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Aksaya Investment Holdings Limited with a stake of 5.72 per cent, Standard Chartered nominees RESD A/C KE11443 with a stake of 2.8 per cent, Standard Chartered nominees RESD A/C KE004667 with a stake of 1.12 per cent, Kestrel Capital Nominee Services Limited A/C 6 with a stake of 0.85 per cent.

Standard Chartered nominees NON-RESD A/C 9661 with a stake of 0.76 per cent, Standard Chartered nominees A/C KE 11993 with a stake of 0.72 per cent stake, Stanbic nominees limited AC R7551918 with a stake of 0.51 per cent. These shareholders hold a combine stake of 86.77 per cent. The remaining shareholders who are 4,549 hold the remaining stake of 13.23 per cent.


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