AMSONS Group, the Tanzanian business conglomerate, has received approval from the Ministry of Mining, Blue Economy and Maritime Affairs for its proposed acquisition of up to 100% shares of Bamburi Cement Plc.
This approval follows the prior unconditional clearance from the COMESA Competition Commission.
These regulatory approvals highlight Amsons Group’s adherence to statutory and regional competition requirements and mark a significant milestone as the offer period approaches its closure on Thursday, December 5 2024.
The Ministry of Mining’s approval was granted under the Mining Act for the Katani Mining License (Registration Number ML/2017/0011), while the COMESA Competition Commission confirmed that the transaction complies with regional competition laws.
Amsons Group CEO Edha Nahdi emphasized the significance of this achievement.
“Securing all the regulatory approvals is a strong vote of confidence in our unwavering commitment to this transaction. As we approach the close of the offer period, we are confident in our ability to finalize the acquisition smoothly while delivering value to Bamburi Cement shareholders. This milestone reinforces the strength and credibility of our offer.”
Amsons is now fully prepared to finalize the transaction marking the beginning of a new chapter of growth for Bamburi Cement Plc.
Supported by KCB Investment Bank, Amsons is committed to ensuring a seamless closing process including the prompt payment to shareholders who accept Amsons’ offer, allowing them to realise the value of their investment in Bamburi Cement Plc.
In July, AMSONS Group, Tanzania’s leading manufacturing and energy giant, issued a binding offer to acquire up to a 100 percent stake in Kenya’s Bamburi Cement PLC (Bamburi) (NSE: BAMB) through its Kenyan subsidiary and investment vehicle, Amsons Industries (K) Ltd.
This means a group of Kenyan investors that had made a bid to acquire the company has been locked out.
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