NAIROBI, Kenya, Mar 7 – Bamburi Cement has completed the sale of its 70 percent shares in Hima Cement Limited, a Ugandan cement company, to Sarrai Group Limited and Rwimi Holdings Limited.
The sale comes after the Kenyan cement maker’s shareholders approved the deal last December.
“Bamburi is pleased to announce that all the conditions precedent to the Transaction have been satisfied and that the Transaction successfully completed on 5 March 2023,” the Nairobi Securities Exchange (NSE) announced in a statement.
The sale involved 1,335,600 ordinary shares in Hima, owned by Himcem Holdings Limited, a subsidiary of Bamburi.
As a result of the sale, Bamburi has exited the Ugandan market, and Hima will no longer be a part of Bamburi’s group of companies.
Bamburi has advised its shareholders and investors to be careful when trading in its shares, as this is a major change in its business operations.
In December 2023, the company entered into an agreement to sell all the stock, with the remaining 30 percent of the 572,400 million shares acquired by Swiss firm Cementia Holding AG.
However, the completion of the transaction was subject to regulatory clearances and approval by Bamburi shareholders.
“In line with this, Holcim has agreed to sell its Ugandan business, operated by Hima Cement Ltd, its local subsidiary in Uganda, to the Sarrai Group, for an enterprise value of USD 120 million.”
