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Tanzanian Conglomerate AMSONS Group Secures Regulatory Approvals for Bamburi Cement Acquisition
The Ministry of Mining's approval was granted under the Mining Act for the Katani Mining License (Registration Number ML/2017/0011)
By Bernard Gitonga
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.
The Wednesday approval, along with the prior unconditional clearance from the COMESA Competition Commission, marks a significant milestone as the offer period approaches its closure on Thursday, 5 December 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.
Commenting on these approvals, AMSONS Group CEO Edha Nahdi said that securing all the regulatory approvals is a strong vote of confidence in their unwavering commitment to the 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.
In July, AMSONS Group, Tanzania’s leading manufacturing and energy giant, issued a binding offer to acquire up to a 100% stake in Kenya’s Bamburi Cement PLC (Bamburi) (NSE: BAMB) through its Kenyan subsidiary and investment vehicle, Amsons Industries (K) Ltd.