Displaying items by tag: Savannah Clinker

Tanzania/Kenya: Savannah Clinker has abandoned its US$198m bid to acquire Bamburi Cement, leaving Tanzania-based Amsons Group as the sole bidder with an offer of US$168m. The withdrawal followed the exit of Savannah Clinker’s financier, Global Infrastructure Finance & Development Authority, due to the arrest of chair Savannah Ndeta on suspicion of fraud and the Capital Markets Authority (CMA) declining a 60-day extension request.

A spokesperson for Savannah Clinker said "The withdrawal of the competing offer has been occasioned by the recent well-publicised arrest and indictment of the chair and main shareholder of Savannah, Benson Ndeta, which has led to the financier of the competing offer seeking additional due diligence. This is further compounded by the CMA’s decision to decline a request made on 2 December 2024 to extend the offer period by 60 days."

Kenya: Savannah Clinker has offered to acquire Bamburi Cement outright for US$197m, 8% higher than an existing bid for the company of US$183m from Tanzania-based Amsons Industries. Business Daily News has reported that Savannah Clinker requires a minimum stake of 60% in order to finalise the deal. The company said that it could aim to complete the deal before March 2025.

Savannah Clinker owns an upcoming clinker plant and limestone mine in Kitui. Its owner Benson Sande Ndeta formerly held a majority of shares in Savannah Cement, which went into administration in mid-2023.

Kenya: Savannah Clinker, an associate company of Savannah Cement, has raised around US$480m to build a new integrated cement plant in Kitui county. It said it generated the funding through a privately placed debt arrangement with the bond set to be listed at regulated international exchange, according to the Business Daily newspaper.

Benson Ndeta, chairman of Savannah Cement Group, said “I am extremely proud to have the support of a major international investor who shares our vision and beliefs in what is required to deliver the growth and development of our key infrastructure and affordable housing.”

It was announced in December 2022 that China-based Sinoma International Engineering had been contracted to build the 2.92Mt/yr plant with a completion date planned for late 2024.