Amsons Industries, a Tanzanian cement manufacturing company, has launched a Sh23.2 billion ($180 million) bid offer to acquire the full ownership of the Bamburi Cement PLC.

In a statement, the company stated that the deal would involve acquiring up to 100 percent of the shares in Bamburi for Sh65 per share.

Amsons has asserted that the group’s acquisition of the Bamburi cement company will not only lay a historical record investment ticket in the East African Community (EAC) but will also elevate Kenya’s economy through potential foreign direct investment.

“Amsons Group, Tanzania’s leading manufacturing and energy giant, has issued a binding offer to acquire up to a 100% stake in Kenya’s Bamburi Cement PLC (Bamburi) (NSE: BAMB) in what is likely to be a historical record investment ticket in the East African Community (EAC) Trade relations,” it stated.

According to the group’s managing director, Edha Nahdi, the proposed acquisition will not only elevate the group’s position “in the cement sector in East Africa” but will also be pivotal in catalyzing the rapid metamorphosis of the region’s economic development.

Acknowledging the company’s laborious efforts to produce quality cement in Tanzania in the last two decades, Nahdi further affirmed the company’s commitment to replicate the same in Kenya if they acquire the Bamburi Cement factory.

“To produce our Cement, we deploy world-class cement manufacturing technology that has afforded us sustained market growth and partnerships as the preferred supplier of choice to leading building and construction sector players,” he stated.