Tanzanian tycoon Edhah Abdallah Munif, through his company Kalahari Cement Limited, has announced that it has entered into a binding share purchase agreement (SPA) with the National Social Security Fund (NSSF) to acquire 24.3 million ordinary shares in East African Portland Cement Plc (EAPC). This deal is valued at Ksh 1.6 billion.
In a notice released on Wednesday, November 26, Kalahari Cement confirmed that the agreement was signed earlier that week, paving the way for the purchase of a 27 percent equity stake in the Nairobi Securities Exchange-listed cement manufacturer.
This transaction by Kalahari Cement comes months after it recently acquired a 29.2% stake in EAPC from Associated International Cement Limited (AIC) and Cementia Holding AG.
Kalahari Cement Moves to Acquire 24.3M Shares in East African Portland Cement from NSSF
The transaction will see Kalahari Cement acquire the shares at KES 66 per share, pending approvals from the Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE), the Competition Authority of Kenya (CAK), and the Ministry of Mining, Blue Economy, and Maritime Affairs.
Although this proposed transaction will grant Kalahari Cement effective control over EAPC, the company has confirmed that it does not intend to make a takeover offer for the local cement manufacturer.
Amsons Group Managing Director Edha Nahdi stated that Kalahari Cement does not plan to make a general offer to acquire all voting shares in EAPC and will apply to the Capital Markets Authority for an exemption from the requirement to make such an offer to all shareholders.
“Kalahari does not intend to delist EAPC from the NSE following the completion of the proposed transaction. As a long-term strategic investor, Kalahari is committed to assisting EAPC in achieving its strategic objectives while also strengthening the capital markets regime, which is vital for Kenya’s economic prosperity,” Nahdi reiterated.
Also Read: Kalahari Cement Completes Acquisition of Shares in East African Portland
According to the Amsons Group Managing Director , the transaction is designed to create long-term value for EAPC by enhancing the firm’s infrastructure and providing access to additional resources.
“As I have mentioned previously, Kalahari Cement will assist EAPC in achieving its strategic objectives through a shared prosperity model with all stakeholders, including staff, trade partners, and Kenyan government agencies. At Amsons Group, we will not spare any resources, financial or otherwise, in our partnership with all EAPC stakeholders,” he stressed.
About Edhah Abdallah Munif
Edhah Abdallah Munif is a prominent Tanzanian businessman and the founder of Amsons Group, a diversified conglomerate with significant holdings in cement, fuel, and transport sectors across East Africa and the Middle East. Munif, the driving force behind the Amsons Group, a major player in the Tanzanian industry, with operations in manufacturing (cement), logistics (Amsons Haulage, Kalahari Trans Zambia Limited), and fuel distribution (Camel Oil Tanzania, Camel Oil Mozambique).
He has rapidly expanded his cement interests in Kenya through his investment vehicles, particularly Kalahari Cement Limited and Amsons Industries Kenya.
In late 2024, Amsons Group fully acquired a 96.5% stake in Bamburi Cement Plc, which was Kenya’s largest cement manufacturer at the time, for approximately KSh 23.6 billion, leading to its delisting from the Nairobi Securities Exchange.
Founded in 2006 in Tanzania, Amsons Group began as an importer of bulk oil and petroleum products under the Camel Oil Tanzania retail brand. Since its inception, the company has expanded its operations into multiple sectors across the region.
About Portland Cement
East African Portland Cement, listed on the Nairobi Securities Exchange, owns an integrated cement plant located on the outskirts of Kenya’s capital, Nairobi.
Also Read: MPs Expose Secret Sale of Portland Cement to Tanzanian Tycoons
Its product offerings include Blue Triangle Cement, the longest-standing brand in the market, and Green Triangle Cement, an innovative product designed with less clinker and lower energy consumption, providing a sustainable alternative to meet the demands of environmentally conscious customers in the construction sector. Other products in its portfolio include Falcon Cabro, Olympia Cabro, Tri-Hex Cabro, Cosmic Cabro, and Brick (Quad) Cabro.
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