Shareholders of Bamburi Cement have been put on notice by the Nairobi Securities Exchange (NSE) following the firm’s takeover bid by Tanzania’s family owned Amsons Group as major shareholder.

The suspension in trading of the company’s shares took effect 28th February 2025 and shall remain in force until 9th May 2025. The cement manufacturer was delisted from the NSE at the end of February after Amsons Group acquired 350.4 million shares valued at Sh8.9 billion, securing a 96.54 per cent stake. Minority shareholders hold just 12.6 million shares, or 3.46 per cent of the company. “Notice is hereby given of the suspension of trading of Bamburi Cement Plc securities following the acquisition of 96.54 per cent of the company’s issued ordinary shares,” the notice read in part.

Before the buyout, the major shareholders included Fincen Holdings Limited and Kancem, who jointly held 29.3 per cent, Standard Chartered with 15.68 per cent, and Aksaya Investment Holdings with 11.75 per cent. The acquisition marked one of the largest foreign takeovers in the local cement industry, further consolidating Amsons’ influence in the region.

Delisting warning

It followed a competitive round of bids between Amsons and Savannah Clinker, which withdrew its bid just hours before the closure of acceptance. Amsons had earlier stated in a notice that “Should it achieve acceptances of 75 per cent or more of the offer shares, it would evaluate the efficacy of Bamburi remaining listed.

With approvals from the Capital Markets Authority (CMA), the firm ultimately opted for a full delisting, citing strategic realignment and long-term growth plans.”

Experts argue that shareholders face a difficult position, with shares effectively trapped in a liquidity crisis. Without public trading on the NSE, investors looking to exit must rely on private transactions, which could be difficult given the lack of a formal market structure. For minority shareholders seeking to offload their stakes, a possible buyback remains an option. Amsons may also extend an additional offer to purchase the remaining shares at a negotiated price, providing an exit route for those unwilling to hold onto the unlisted stock.