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Among the investors who benefited significantly is Kenyan tycoon Baloobhai Patel, who earned $15.5 million in just six months through his stake in Bamburi.
The move is part of Amsons’ strategy to consolidate its presence in East Africa’s construction sector.
The green light from Kenyan authorities, coupled with unconditional approval from the COMESA Competition Commission, clears the regulatory path for Amsons' buyout bid.
The COMESA Competition Commission confirms the deal will not harm regional competition or result in market dominance, supporting trade integration.
The bid offers an investment of over Ksh23.5 billion ($182.4 million), equating to Ksh65 ($0.5) per share for up to 100 percent of Bamburi's shares.
Savannah Clinker has proposed purchasing all 362.9 million shares of Bamburi at Ksh70 ($0.54) per share.
Patel, a Kenyan multimillionaire and owner of a 4.12-percent stake in Bamburi Cement through his private investment company, Aksaya Investment.
Bamburi Cement, a prominent East African cement firm partly owned by Kenyan industrialist Baloobhai Patel, has settled 60 percent of its tax debt
Patel, a Kenyan multimillionaire with diverse investment interests, owns a 4.12-percent stake in Bamburi Cement.
In 2022, Patel acquired an additional 7.9 million shares worth $2.52 million in Bamburi Cement.
Patel also owns stakes in Carbacid, Absa Bank Kenya, Co-operative Bank and Safaricom.
The move comes after protracted legal battles over the insider purchase of a share in the company.
