Tanzanian Tycoons Step Up Acquisitions Of Kenyan Companies

NAIROBI, Kenya, Mar 16 – Kenyan companies have recently attracted growing interest from Tanzanian billionaires, with several high-profile acquisitions raising questions about why investors from the neighbouring country are increasingly targeting local firms.

In 2024, Tanzanian businessman Edha Nahdi, the Managing Director of Amsons Group, acquired Bamburi Cement in a deal that strengthened the group’s presence in Kenya’s construction sector.

Following the takeover, Bamburi reported a double-digit increase in EBITDA, supported by group-level efficiencies. Through Bamburi, Amsons has also begun construction of a 5,000 tonnes-per-day clinker facility—equivalent to about 1.6 million tonnes annually—in Kwale County. The project is expected to create more than 1,000 direct jobs.

Nahdi has also expanded his presence in the Kenyan cement industry through Kalahari Cement Ltd, which last year acquired an additional 27 percent stake in East African Portland Cement Company from the National Social Security Fund. The transaction increased his stake in the company to 69 percent.

In another major development last week, Tanzanian billionaire Rostam Azizi acquired control of Nation Media Group from the Aga Khan Fund for Economic Development.

Under the deal, AKFED sold its entire shareholding in NPRT Holdings Africa Limited—the entity that holds a 54.08 percent controlling stake in Nation Media Group—to Taarifa Ltd.

The transaction gave Azizi majority ownership of Nation Media Group through the acquisition of 92,618,177 ordinary shares. However, the company’s shares will continue trading on the Nairobi Securities Exchange and other cross-listed platforms.