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Holcim halts Bamburi Cement sale deal with Tanzaniaβs Amsons
By
CORRESPONDENT
Published
7 hours ago
NAIROBI, Kenya, Oct 25 β Holcim, the Swiss majority shareholder in Bamburi Cement, has suspended a sale agreement with Tanzanian firm Amsons Group for its stake in the Kenyan cement company.
The two companies initially signed an irrevocable sale agreement in July, effectively barring third-party bids.
βOn October 2, 2024, Amsons mutually agreed with Fincem and Kencem to terminate the irrevocable undertaking entered into on July 10, 2024,β Amsons stated in offer letters, clarifying that Bamburi shareholders are now free to consider other offers.
This comes after entrepreneur Benson Sande Ndetaβs increased takeover offer for Bamburi, which he raised by Sh2.38 billion.
Initially bidding Sh25.4 billion, Ndeta has now raised his offer to Sh76.55 per share, totaling Sh27.7 billion and surpassing Amsons Groupβs Sh23 billion bid at Sh65 per share.
Savannah Clinker, founded by Ndeta in 2019, specializes in cement manufacturing and is developing a limestone and clinker processing plant in Kitui County. Meanwhile, Amsons Group has diverse interests in cement, fuel, and transport.
Holcimβs Bamburi stake is held through Fincem Holding Limited and Kencem Holding Limited with about 58.3 percent shares between each.
NAIROBI, Kenya, Oct 25 - Holcim, the Swiss majority shareholder in Bamburi Cement, has suspended a sale agreement with Tanzanian firm Amsons Group for its Kenya breaking news | Kenya news today |