Savannah Clinker has placed a Kes 25.4 billion stake to acquire listed Bamburi Cement PLC after Tanzania’s Amsons Group put in its bid to take over the firm.
According to an offer published in local dailies, Savannah Clinker will offer an additional Kes 1.8 billion to shareholders if the deal goes through.
Savannah Clinker Chairman and Managing Director Benson Sande Ndeta says the offer, which outpaces Amsons Group Kes 23.9 billion, offers attractive tax benefits to the government of Kenya.
In documents filed with the Capital Markets Authority (CMA), the firm offers to take up the close to 363 million issued shares of Bamburi PLC at Kes 70 a piece Kes 5 more than what its now competitor Amsons offered in its July 10th 2024, notice.
“We shall offer to pay all shareholders immediately after the transaction closes and no later than 28th February 2025,’’ it says.
Did you read this?
Additionally, Ndeta says his firm will seek to retain Bamburi PLC, which is listed at the Nairobi bourse, with up to 40% of its shares available for investors and maintain existing contractual and statutory employment rights.
The SCL offer is expected to unsettle the Amsons Group bid. The company said it would consider delisting the cement manufacturer from the NSE if it receives 75% or more acceptance of its offer.
