Amsons Group intends to invest over Kes 23.5 billion to gain up to 100 percent ownership of Bamburi Cement at an offer price of Kes 65 per share.

This price 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 secured a $5.3 million break fee in an escrow account by ABSA Kenya.

Amsons Group Managing Director Edha Nahdi stated that reputable East African entities underwrite the bid and comply with Kenyan capital market regulations.

This comes after Holcim, the Swiss majority shareholder in Bamburi Cement suspended a sale agreement with Tanzanian company Amsons Group for its stake in the Kenyan cement firm.

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  1. COMESA Approves Amsons Group’s Bid To Acquire Bamburi Cement
  2. Savannah Clinker Increases Bamburi Cement Takeover Offer By Kes2.38B
  3. Holcim Suspends Bamburi Cement Sale Agreement With Amsons Group

The two companies initially signed an irrevocable sale agreement in July, barring third-party bids.

“On October 2, 2024, Amsons mutually agreed with Fincem and Kencem to terminate the irrevocable undertaking entered into on July 10, 2024,” Amsons stated in offer letters, clarifying that Bamburi shareholders are now free to consider other offers.

This comes after Savannah Clinker owner Benson Sande Ndeta increased his takeover offer for Bamburi Cement by Kes 2.38 billion, a bid of Kes76.55 per share to Kes27.7 billion.