Bamburi Cement PLC has issued a cautionary public announcement to its shareholders and investors.
In a notice dated August 29, Board Chairman John Simba confirmed that Savannah Clinker Limited has expressed its intention to acquire all share capital of Bamburi Cement.
“On August 27, 2024, Bamburi Cement PLC received a notice of intention from Savannah Clinker Limited to acquire up to 100% of the ordinary shares of the Company (Offer Shares) (the Proposed Transaction) at a price of Ksh70.00 per ordinary share of the Company (the Competing Offer),” the notice states.
Simba explained that the Competing Offer is a response to the proposed offer by Amsons Industries (K) Limited, which issued a Notice of Intention to make a takeover offer on July 10, 2024.
Bamburi Cement noted that the proposed transaction is subject to requisite regulatory approvals.
The Chairman stated that the notice of intention will be available on the Company’s website (http://www.lafarge.coke).
In addition, Bamburi mentioned that further announcements providing detailed information on the proposed transaction will be made available to shareholders and the investing public as required under the Capital Markets (Takeovers and Mergers) Regulations, 2002.
“In the interim, shareholders and the investing public are advised to exercise caution when dealing in the shares of the Company,” Simba warned.
Details of Savannah Clinker Company
Simba noted that Savannah is a private limited liability company incorporated in the Republic of Kenya under the Companies Act, 2015, Laws of Kenya on June 17, 2019.
He provided that the Company’s registration number is PVT-V7UE77V and is wholly owned by Benson Sande Ndeta, who also serves as its director.
Savannah’s principal activities include mining, manufacturing, processing, packaging, marketing, and selling of cement. The company is currently developing a limestone extraction and clinker processing plant in Kitui County, Kenya.
Also Read: Savannah Announces Plans to Take Over Bamburi Cement
Shares in Bamburi Cement
He clarified that Savannah, and its related entities do not own or control any shares in Bamburi Cement, nor do they have the option to acquire any of the Offer Shares.
“This announcement is for informational purposes only. It has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations 2002 as amended,” the notice adds.
Also Read: Tanzanian Company Announces Ksh 23billion Bid to Acquire Bamburi Cement
Furthermore, Simba stated that none of the directors of the Competing Offeror hold shares in Bamburi Cement.
He explained that Savannah has confirmed that it has not received any irrevocable undertakings from any of the existing shareholders of the Company in relation to the Competing Offer.
“As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements in this announcement,” the notice concludes.
Follow our WhatsApp Channel for real-time news updates!
https://whatsapp.com/channel/0029VaB3k54HltYFiQ1f2i2C
