Amsons Group successfully acquired a 96.54% stake in Bamburi Cement, exceeding the threshold required for a potential delisting from the Nairobi Securities Exchange (NSE).
The takeover commenced with a block trade of 137.1 million shares on December 18th, 2024.
A subsequent transaction on December 19th acquired 212.7 million shares, bringing the total acquired to 350.4 million shares.
Savannah Clinker withdrew its offer, leaving Amsons as the sole bidder.
Delisting Potential
With over 90% shareholding, Amsons may seek to delist Bamburi Cement from the NSE, subject to regulatory approvals.
Fincem Holding Limited and Kencem Holding Limited were the largest shareholders, each owning 29.30%.
Other significant shareholders included Standard Chartered Nominees (15.68%) and Aksaya Investment Holdings Limited (11.75%).
| Shareholder | No of shares | Percentage of shareholders |
| Fincem Holding Limited | 106,360,798.00 | 29.30% |
| Kencem Holding Limited | 106,360,797.00 | 29.30% |
| Standard Chartered Nominees | 56,906,640.00 | 15.68% |
| Aksaya Investment Holdings | 14,956,990.00 | 4.12% |
| Standard Chartered Nominees | 6,659,900.00 | 1.83% |
| Standard Chartered Kenya Nominees | 4,080,337.00 | 1.12% |
| Standard Chartered Nom Non-resident | 2,768,400.00 | 0.76% |
| Standard Chartered Nom | 2,607,700.00 | 0.72% |
| Standard Chartered Kenya Nominees | 2,187,900.00 | 0.60% |
| ICEA Lion Life Assurance Company | 2,055,663.00 | 0.57% |
| Others (4,599 Shareholders) | 58,014,150.00 | 15.98% |
| Total Shares Issued | 362,959,275.00 | 100.00% |
“Amsons is ready to conclude the transaction, ushering in a new era of growth for Bamburi Cement Plc. With the support of KCB Investment Bank, Amsons is dedicated to ensuring a smooth closing process, including timely payments to shareholders who accept the offer, enabling them to realize the value of their investment in Bamburi Cement Plc,” Cytonn Investments said in commentary.
Background
The acquisition aligns with Holcim’s global strategy of restructuring its operations and focusing on more profitable markets.
Holcim has been divesting assets in Africa, including the sale of its Nigerian unit to a Chinese firm.
About Bamburi Cement
Bamburi Cement Plc is a Kenya-based company specializing in the production and distribution of cement and related products.
It has a market cap of 17.1 billion with Holcim being the biggest shareholder with a 58.6% stake.
It was listed on the NSE in 1970 and became part of the Lafarge Group through a series of acquisitions.
The company has a significant presence in the East African region, with holdings in Uganda and a minority stake in East African Portland Cement.