Tanzanian manufacturing and energy powerhouse Amsons Group has received approval from Kenya’s mining ministry to proceed with the unconditional acquisition of Bamburi Cement.
Through its Kenyan subsidiary, Amsons Industries Kenya, the conglomerate submitted a Ksh.23.9 billion bid in July to acquire a complete 100 percent stake in the publicly listed cement producer.
“Obtaining all necessary regulatory approvals demonstrates a strong endorsement of our steadfast commitment to this acquisition,” stated Amsons Group CEO Edha Nahdi in a media release on Wednesday, just one day before the offer period concludes on December 5.
“As we near the end of the offer period, we are optimistic about our capacity to finalize the acquisition efficiently while providing value to Bamburi Cement shareholders. This achievement underscores the robustness and credibility of our proposal.”
Amsons also announced that it has received unconditional approval for the acquisition from the COMESA (Common Market for Eastern and Southern Africa) Competition Commission.
“With the support of KCB Investment Bank, Amsons is dedicated to ensuring a smooth closing process, including timely payments to shareholders who accept our offer,” Nahdi added.
Bamburi Cement is primarily owned by Swiss cement manufacturer Holcim, which holds a 58.6 percent stake through its subsidiaries Fincem Holding and Kencem Holding.
Founded in 2006, Amsons Group is led by Tanzanian entrepreneur Edha Nahdi and boasts an annual turnover exceeding $1 billion (approximately Ksh.129 billion), engaging in bulk oil and petroleum importation, cement production, wheat flour milling, LPG, and transportation.
