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Bamburi’s largest shareholder approves $182.8 million sale to Amsons Group

July 29, 2024
in Technology
Bamburi’s largest shareholder approves $182.8 million sale to Amsons Group
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Holcim, a Swiss construction materials manufacturer and the largest shareholder in Kenya’s biggest cement maker Bamburi has approved a $182.8 million buyout offer from Amsons Group. Holcim will sell its 58.6% stake in the Bamburi to Tanzanian energy group Amsons Group.

With Holcim’s approval, the deal will also need the approval of the minority shareholders and the regulators including the Competition Authority of Kenya (CAK) and the Capital Markets Authority (CMA).

Amsons offered shareholders $0.52 (KES65) per share, a 44.4% premium on Bamburi’s closing price on July 10, when the deal was made public. Bamburi’s share price has since rallied to KES61 ($0.47). Bamburi is the largest cement maker in Kenya, with about 30% market share.

“KCB Investment Bank Ltd, being the transaction advisor and sponsoring stockbroker of Amsons has confirmed that Amsons has sufficient financial resources at its disposal to satisfy the consideration payable for all shares in Bamburi pursuant to a full acceptance of the offer,” Bamburi said.

The transaction could see Bamburi delist from the Nairobi Securities Exchange (NSE). However, Amsons must receive the backing of at least 75% of the offered shares before seeking CMA approval to delist from the Nairobi bourse.

Should Amsons acquire 90% of the offer share, the company will “offer the remaining shareholders a consideration equal to the prevailing market price of the voting shares or the price offered to the other shareholders”, per Kenya’s takeover regulations.

The acquisition will mark the Tanzanian firm’s formal entry into the Kenyan market, with plans to expand into other sectors, the company said on July 10.

The family-owned conglomerate, founded in 2006, has interests in oil and gas, real estate, wheat flour, and cement in Malawi, Zambia, Mozambique, Burundi, and the Democratic Republic of Congo (DRC). Its annual turnover is over $1 billion.

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