Billionaire investor Baloobhai Patel doubled his stake in Bamburi Cement ahead of the announcement of the company’s buyout, augmenting his expected gains from the proposed transaction.
Shareholder filings as at June 30, 2024 show that Mr Patel’s stake in the cement firm rose to 30.52 million shares, equivalent to 8.41 percent of the company’s issued shares. This is an increase from 14.96 million shares or 4.12 percent that the company’s latest annual report shows he held at the end of December 2023.
