Holcim, the majority shareholder in Bamburi Cement, has finalized the sale of its 58.6 per cent stake in the Kenyan cement manufacturer to Amsons Group, marking its exit from the Kenyan market. The deal brought in cash proceeds exceeding Ksh 12.9 billion (US$100 million) for the Swiss building solutions giant.
“This divestment aligns with Holcim’s strategy to strengthen its leadership in core markets as a global leader in innovative and sustainable building solutions. Amsons Group is best positioned to advance Bamburi’s business in Kenya over the long term,” Holcim stated.
Amsons Group, through its Kenyan subsidiary Amsons Industries (K) Ltd, has secured 96.54 per cent acceptances from Bamburi Cement shareholders. Amsons Group Managing Director, Mr. Edha Nahdi, expressed optimism about the acquisition: “This acquisition aligns with our strategy to expand into specialized cement manufacturing and complements our broader growth objectives. With Bamburi Cement now part of the Amsons family, we anticipate creating significant mutual benefits through this integration.”
Mr Nahdi also disclosed plans to diversify investments in Kenya, targeting sectors such as energy, food manufacturing, warehousing, and logistics. “This acquisition not only marks our formal entry into the Kenyan market but also reinforces our long-term vision to grow across multiple industries in East Africa,” he added.
The acquisition was solidified after a competitor, Savannah Clinker, withdrew its bid. This followed the arrest of Savannah Clinker Chairman Benson Ndeta for alleged fraud, prompting financiers to delay further due diligence on their Ksh 27.78 billion offer.
With Savannah Clinker out, Amsons Group successfully closed the deal at Ksh 22.5 billion (US$180 million), a slightly lower figure than their initial offer of Ksh 23.59 billion for the entire transaction.
In October, Holcim briefly suspended its irrevocable sale agreement with Amsons, creating an opening for other bidders, including Savannah Clinker, Fincem Holding, and Kencem Holding, each holding 29.30 per cent stakes in Bamburi Cement. However, Amsons emerged as the eventual buyer, solidifying its entry into Kenya’s cement industry and broader economic landscape.
