Tanzania-based AMSONS Group, has received approval from Kenya’s Ministry of Mining, Blue Economy and Maritime Affairs for its proposed acquisition of up to 100% shares of Kenya’s Bamburi Cement Plc. This approval follows the prior unconditional clearance from the COMESA Competition Commission.
These regulatory approvals mark a significant milestone for Amsons Group as the offer period approaches its closure on Thursday, 5 December 2024.
The Ministry of Mining’s approval was granted under the Mining Act for the Katani Mining License (Registration Number ML/2017/0011), while the COMESA Competition Commission confirmed that the transaction complies with regional competition laws.
Amsons Group CEO Edha Nahdi said: “Securing all the regulatory approvals is a strong vote of confidence in our unwavering commitment to this transaction. As we approach the close of the offer period, we are confident in our ability to finalize the acquisition smoothly while delivering value to Bamburi Cement shareholders. This milestone reinforces the strength and credibility of our offer.”
Supported by KCB Investment Bank, Amsons is committed to ensuring a seamless closing process including the prompt payment to shareholders who accept Amsons’ offer, allowing them to realise the value of their investment in Bamburi Cement Plc.
In July 2024, AMSONS Group, offered a binding offer to acquire up to a 100% stake in Kenya’s Bamburi Cement PLC at Kshs 65 per share through its Kenyan subsidiary and investment vehicle, Amsons Industries (K) Ltd.
However, the offer by Amsons Group is Kshs 11.65 per share lower than the Kshs 76.55 per share offered by Savannah Clinker to takeover Bamburi Cement.