The competitive race for the acquisition of Kenya’s Bamburi Cement PLC has taken a dramatic turn as Tanzania’s Amsons Group issued an update on its bid, following the arrest and subsequent release of Savannah Clinker CEO, Benson Ndeta.
Amsons Group announced on December 4, 2024, that its bid to acquire Bamburi Cement from Holcim, which began in July 2024, has gained all the necessary regulatory approvals.
The move comes just days after Ndeta, a rival in the acquisition battle, was arrested on November 28, 2024, in Valley Arcade, Nairobi.
He was questioned at the Directorate of Criminal Investigations (DCI) and held at Muthaiga Police Station before being released following a High Court ruling.
This release came after Ndeta faced charges related to a sh 4.5 billion fraud case concerning Savannah Cement.
In its update, Amsons Group confirmed that its offer to acquire up to 100% of Bamburi Cement’s shares is now unconditional, after securing all required approvals, including clearance from the Ministry of Mining, Blue Economy, and Maritime Affairs, as well as an unconditional nod from the COMESA Competition Commission.
The East African Competition Commission’s approval was not required, as the commission is not yet operational.
The offer, which closes on December 5, 2024, marks a significant step for Amsons Group.
The company, backed by KCB Investment Bank, reassured shareholders of a smooth transaction process, with prompt payments for those who accept the offer.
Founded in 2006, Amsons Group is a Tanzanian multi-business conglomerate with a turnover exceeding $1 billion annually.
Its diverse operations include cement manufacturing, fuel importation, and retail, with a strong presence across East Africa and beyond.
The group has cement production capacity of 6,000 MT/day and recently acquired Mbeya Cement, further strengthening its position in the sector.
The drama surrounding the acquisition intensified following Ndeta’s legal challenges.
On November 29, 2024, the High Court ruled in his favor, ordering his immediate release while a petition he filed was determined.
Ndeta had been charged with fraud related to loans borrowed by Savannah Cement, where he is a majority shareholder.
These charges emerged just weeks after Ndeta’s firm, Savannah Clinker, proposed to buy Bamburi Cement for sh 25.41 billion, offering sh 70 per share, surpassing Amsons’ bid of sh 65 per share or sh 23.59 billion in total.
President Ruto Signs Key Bills On Revenue, Rating, And Water Amendments Into Law
Email your news TIPS to Editor@NairobiNews.co.ke
