NAIROBI, Kenya, Oct 25 – Amsons Group, a Tanzanian conglomerate with interests in fuel and transportation, has launched a bid to acquire Kenya’s Bamburi Cement through its subsidiary Amsons Industries (K) Ltd.
The group intends to invest over Sh23.5 billion to gain up to 100 percent ownership of Bamburi at an offer price of Sh65 per share, which reflects a 42.4 percent premium on the closing market price and a 52.9 percent premium on the 30-day VWAP of Bamburi shares prior to the announcement.
Supported by KCB Bank, Amsons has also secured a $5.3 million break fee held in an escrow account by ABSA Kenya.
Edha Nahdi, Managing Director of Amsons Group, stated that the bid is underwritten by reputable East African entities and complies with Kenyan capital market regulations.
This bid follows Holcim’s suspension of its sale agreement with Amsons, initially signed in July, which had prevented third-party bids.
However, Bamburi has also attracted interest from local entrepreneur Benson Sande Ndeta, founder of Savannah Clinker, who recently raised his competing offer to Sh76.55 per share, totaling Sh27.7 billion.
