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Holcim Quits Uganda After Selling Bamburi Stake Hima Cement

Cement maker has sold 70% shareholding to the Sarrai Group Ksh16.8 billion

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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.

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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