Dar es Salaam. It is now official. Amsons Industries (K) Ltd, owned by Tanzanian businessman Edhah Abdallah, will now control 96.4 percent of Bamburi’s 362.96 million shares.
This came after Bamburi’s shareholders transferred an extra 212.73 million shares, valued at KSh13.83 billion (about Tsh262.55 billion), to the Tanzanian company.
Amsons sealed the deal after Savannah Cement pulled out its offer days after the chairman, Benson Nduta, was arrested over alleged fraud, according to a report in Business Daily.
Bamburi Cement’s shareholders have approved a KSh23.2 billion (about Tsh459 billion) sale of the firm to Amsons Industries (K) Ltd, a subsidiary of Tanzanian conglomerate Amsons Group.
Amsons had purchased 137.06 million shares from different stock owners, bringing the total number of transferred shares to KSh22.74 billion (about Tsh431.7 billion), each retailing at Ksh65 (Tsh1, 234).
“This acquisition aligns with our strategy to expand into specialised 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,” Amsons Group said in a statement that was released at the weekend.
Kenya Capital Markets Authority (CMA) confirmed the withdrawal of the Ndeta-led company in line with the Capital Markets (Takeover and Mergers) Regulations, 2002.
The regulator noted that shareholders who do not change their decision will be deemed to have declined Amsons Industries (K) Limited’s offer and remain Bamburi Cement’s shareholders.
Share this news
This Year's Most Read News Stories
European Union Bans Air Tanzania Over Safety Concerns
Kampala — The European Commission added Air Tanzania to the EU Air Safety List, banning the airline from operating within European Union airspace. This decision follows the denial of Air Tanzania’s Third Country Operator (TCO) authorization by the European Union Aviation Safety Agency (EASA), citing significant safety deficiencies.
The EU Air Safety List includes airlines that fail to meet international safety standards. Commissioner Tzitzikostas emphasized the importance of passenger safety, stating: “The decision to include Air Tanzania in the EU Air Safety List underscores our unwavering commitment to ensuring the highest safety standards. We strongly urge Air Tanzania to take swift action to address these safety issues. The Commission has offered its assistance to Tanzanian authorities to enhance safety performance and achieve compliance with international aviation standards.”
Air Tanzania joins several African airlines banned from EU airspace, including carriers from Angola, the Democratic Republic of Congo, Sudan, and Kenya. Notable names include Congo Airways, Sudan Airways, and Kenyan carriers Silverstone Air Services and Skyward Express. The ban reflects the EU’s strict approach to aviation safety worldwide.
Source: allafrica.com
CCM ready to task state organs on Zanzibar Airport deal
Ruling party Chama Cha Mapinduzi-Zanzibar has said it is ready to task state organs to investigate some of the claims against its government that have been raised by opposition politicians on the Abeid Amani Karume International Airport (AAKIA).Continue Reading
Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition
On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
