Bamburi Cement Suspended From NSE After Investor Buys Off 96% Shareholding
Bamburi Cement. [Photo/Courtesy]
The Nairobi Securities Exchange (NSE) has announced the suspension of the Bamburi Cement company from the bourse after an unnamed investor acquired 96.54% of the company’s issued ordinary shares.
The suspension, which takes effect on February 28, 2024, will pave the way for requisite legal measures to implement the anticipated squeeze-out of remaining shareholders in compliance with regulatory requirements.
“Notice is hereby given of the suspension of trading of Bamburi Cement Plc securities following the acquisition of 96.54% of the company’s issued ordinary shares.” NSE stated.
“The offeror has attained the threshold of acceptances, which entitles them to undertake compulsory acquisition of the remaining shareholders. Trading has been suspended to facilitate requisite legal measures to implement the anticipated squeeze-out of remaining shareholders in compliance with regulatory requirements.”
This suspension has been issued under Regulation 73(2)(b) of the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
“The suspension in trading of the company’s shares takes effect from 28th February 2025 and shall remain in force until 9th May 2025, or such other period as may be determined by the Authority. All shareholders, investors and the general public are advised to take note of the suspension,” the notice added.
Earlier on January 22, 2025, Bamburi Cement issued a notice revealing changes to its Board of Directors, following the resignations of three Non-Executive Directors.
The company in a notice announced the resignation of Claudia Albertini, effective January 21, 2025. Albertini served on the Audit & Risk Committee having joined the board on July 20, 2024.
The company also revealed the resignation of Non-Executive Director Kaspar Theiler who exited the company effective January 21, 2025. Theiler, who joined the board on May 7, 2024, had served on the Nomination, Remuneration & HR Committee.
Additionally, Grant Earnshaw who had been appointed to the board on February 26, 2024, resigned effective the same day.
![Mansa co-founders Mouloukou Sanoh and Nkiru Uwaje. [Photo/Mansa]](https://businesstimes.co.ke/wp-content/uploads/2025/02/Mansa-co-founders-300x192.png)
