Industrialist Baloobhai Patel Acquires Additional KSh293.4 Million Stake At Bamburi Cement

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Baloobhai Patel PHOTO/COURTESY

Kenyan industrialist and businessman Baloobhai Patel recently acquired an additional 7.9 million shares in Bamburi Cement.

According to Billionaires Africa, the multimillionaire businessman acquired shares in the manufacturer worth KSh 293.4 million.

Following the new acquisition, Patel’s stake in the cement company increased from 1.94 percent, or 7,026,790 shares to 4.12 percent, or 14,956,990 shares.

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At the time of publishing, Bamburi Cement shares were valued at KSh 36.9 per share meaning Patel’s 4.2 percent stake in the company is valued at KSh 552.1 million.

Bamburi Cement Limited is an industrial company in Kenya specialising in cement and concrete.

The company has operations in Bamburi, Mombasa and it is headquartered in Nairobi with its stock listed on the Nairobi Securities Exchange.

The shares of Bamburi Cement are traded on the main market segment of the Nairobi Securities Exchange, under the ticker symbol BAMB.

In November 2021, Patel raised his stake in Carbacid Investments after making additional share purchases boosting his ownership from 40.38 percent in 2020.

At the time, his stake at the manufacturing and investment company was valued at KSh 1.6 billion.

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At the same time, the holding’s market capitalization stood at KSh 3.13 billion

The company is an investment holding with interests in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid (CO2) Limited.

Patel owns minority stakes in a number of publicly listed companies at the Nairobi Securities Exchange (NSE) making him one of Kenya’s wealthiest citizens.

He also maintains significant shareholding in Absa Bank Kenya, Bamburi Cement, Carbacid Investments, Diamond Trust Bank Group, and Safaricom.

He is also the current managing director of Transworld Safaris Limited, a company that he owns and a non-executive director at Pan Africa Insurance, where he is the largest non-institutional shareholder.

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