Bamburi Cement PLC has issued a cautionary public announcement to its shareholders and investors two months after global cement giant Amsons Group of Tanzania acquired 96.54% of the company’s shares.
In a notice dated February 27, 2025, Bamburi Cement Board of Directors announced the suspension of trading of shares at the Nairobi Securities Exchange (NSE).
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The company announced the suspension while informing its shareholders and investors that it is seeking to initiate the squeeze-out process to acquire the remaining 3.46% of the shares held by shareholders who did not accept the acquisition offer.
“NOTICE IS HEREBY GIVEN to the shareholders of Bamburi Cement Pic (Bamburi) that following the successful completion of the takeover offer (the Offer) by Amsons Industries (K) Ltd (the Offeror) on 5 December 2024, Amsons acquired 96.54% of the issued ordinary shares in Bamburi,” read part of the notice.
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“The Offeror pursuant to Regulation 12 of the Capital Markets (Take-Overs and Mergers) Regulations, 2002 and the Companies Act, Chapter 486, Laws of Kenya intends to initiate the squeeze-out process to acquire the remaining 3.46% of Bamburi’s shares held by shareholders who did not accept the Offer (the Squeeze-Out).”
Also Read: Kenya Clears Tanzanian Tycoons’ Bid to Take Over Bamburi Cement
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According to the Bamburi Cement, the company has received approval from the Capital Markets Authority (CMA) to suspend trading of its shares pursuant to regulation 73(2)(d) of the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
Bamburi Shares Suspended from Nairobi Securities Exchange
The trading of Bamburi shares on the Nairobi Securities Exchange shall be suspended with effect from the close of trading on 27 February 2025 until 9 May 2025.
“Shareholders and the investing public are advised to take note of this suspension and exercise caution accordingly,” the notice adds.
The announcement follows Holcim’s completion of its divestment in Kenya, having sold its entire 58.6% stake in the company to Amsons Group, generating cash proceeds of over Ksh13 billion from the transaction.
Also Read: Billionaire Ndeta Withdraws Bamburi Cement Bid with Immediate Effect
Amsons Group made the purchase after the Tanzanian company announced on Wednesday, December 4, 2024, that it had received all necessary regulatory approvals to acquire up to 100% of Bamburi Cement’s shares.
The group further assured stakeholders of a seamless transaction, confirming its full preparedness to finalize the deal.
Board changes
Earlier on January 22, 2025, Bamburi Cement issued a notice revealing changes to its Board of Directors, following the resignations of three Non-Executive Directors.
The company in a notice announced the resignation of Claudia Albertini, effective January 21, 2025. Albertini served on the Audit & Risk Committee having joined the board on July 20, 2024.
The company also revealed the resignation of Non-Executive Director Kaspar Theiler who exited the company effective January 21, 2025. Theiler, who joined the board on May 7, 2024, had served on the Nomination, Remuneration & HR Committee.
Additionally, Grant Earnshaw who had been appointed to the board on February 26, 2024, resigned effective the same day.
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