BUSINESS

Holcim Quits Uganda After Selling Bamburi Stake Hima Cement

Share
Hima Cement Uganda
The Board of Bamburi Cement PLC has approved the sale of Bamburi Cement PLC’s stake in Hima Cement Limited. (Photo: KT Press)
Share

Holcim Group’s “Strategy 2025 – Accelerating Green Growth” focuses on consolidating leadership in core markets, as part of its drive to be the global leader in innovative and sustainable building solutions.

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 USD120 million (Ksh16.8 billion).

Hima Cement Ltd is 70% owned by Bamburi Cement PLC while the remaining 30% is owned by Cementia Holding AG (a member of the Holcim Group).

The Board of Bamburi Cement PLC has approved the sale of Bamburi Cement PLC’s stake in Hima Cement Limited. Completion of the transaction is subject to obtaining the relevant regulatory clearances and approval of the shareholders of Bamburi Cement PLC.

“Holcim and its affiliates are pleased to have found a strategic and trusted partner for the Ugandan business in Sarrai, which is well positioned to continue investing in its long-term growth,” Holcim said in a statement.

Holcim and Bamburi Cement PLC said they see it as a positive opportunity for all parties and believe that this deal will ensure a prosperous and profitable future for Hima Cement Limited.

It said this transaction does not impact operations for Bamburi Cement PLC in Kenya. Divesting its operations in the Ugandan market will lead to Bamburi Cement PLC focusing its efforts on the Kenyan market.

>> Co-op Bank Retails Top Title, Dominates SFI Catalysts Awards

Written by
BT Reporter

editor [at] businesstoday.co.ke

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PAST ARTICLES AND INSIGHTS

Related Articles
SIB Executive Director, Global Markets, Nahashon Mungai and other Board members during a past AGM.
BUSINESS

SIB Emerges As Kenya’s Largest Fund Manager On its Attractive ‘Special Funds’

SIB (Standard Investment Bank) has overtaken Sanlam Allianz to become Kenya’s largest...

Shri Krishana is top price gainer at the NSE in August
BUSINESS

NSE: Shri Krishana Overseas Limited is Top Price Gainer in August

The NSE (Nairobi Securities Exchange) ended the August trading period on a...

Kenya Airways share prices at the NSE have defied negative market sentiments
ANALYSISBUSINESS

Kenya Airways: Why its Share Prices Have Defied Turbulence in the Cockpit

Kenya Airways(KQ) Share prices barely blinked at the Nairobi Securities Exchange(NSE), even...

KUSCCO HEADQUARTERS IN UPPER HILL, NAIROBI
ANALYSISBUSINESS

KUSCCO KSh13Billion Heist: How the Loot was Carted Away And What Next?

KUSCCO has made the final journey in its corporate life and now...