Savannah Clinker, a local building and construction sector firm, has abandoned an earlier plan to acquire full ownership of Bamburi Cement.

Already, the Capital Markets Authority (CMA) has approved the withdrawal of the offer in line with the Capital Markets (Takeover and Mergers) Regulations, 2002.

“Following this development, shareholders of Bamburi Cement Plc who had accepted the offer by Savannah Clinker Limited have until 5.00 pm on Thursday, 5 December 2024, to reconsider their decision,” CMA announced in a statement.

“Shareholders who do not change their decision will be deemed to have declined the offer by Amsons Industries (K) Limited and remain shareholders of Bamburi Cement Plc.”

The exit of Savannah Group, which had offered Sh25.4 billion for up to 100 percent of issued ordinary shares in the cement company, now only leaves the Amsons Group, a Tanzanian conglomerate, which made an about Sh23 billion to acquire the Nairobi-based firm, in a sole pole to acquire the firm.

“Consequently, the only valid offer is the one from Amsons Industries (K) Limited as already approved by the Authority without any changes.”

“Shareholders who had accepted either of the offers are free to withdraw their acceptance before closure of the offer period at 5.00 pm on Thursday, 5 December 2024. Trading of Bamburi Cement Plc shares will be suspended from 9.00 am on 06 December 2024 to facilitate reconciliation.”