In July 2024, Amsons Industries (K) Ltd, a Kenyan subsidiary of Tanzania-based Amsons Industries (T) Ltd, announced a cash takeover offer for Bamburi Cement Plc. The offer proposed the acquisition of 100% of Bamburi's issued ordinary shares at KES 65 per share, valuing the transaction at approximately KES 23.6 billion. The offer represented a significant premium to Bamburi's prevailing market price on the Nairobi Securities Exchange.
At the time of the offer, Bamburi had 362,959,275 issued shares. Amsons stated that it intended to acquire all outstanding shares and noted that, should it obtain at least 75% ownership, it would evaluate whether Bamburi should remain listed on the Nairobi Securities Exchange. If ownership reached 90% or more, compulsory acquisition provisions under Kenyan law could be applied.
The transaction received irrevocable undertakings from Bamburi's largest shareholders, Fincem Holding Limited and Kencem Holding Limited, which together controlled approximately 58.6% of the company's share capital. The offer formed part of Amsons' strategy to expand its cement operations in East Africa, complementing its existing cement businesses in Tanzania.
Following completion of the acquisition process, Bamburi Cement became part of the Amsons Group, marking the end of more than 70 years as an independent cement manufacturer in Kenya.