Holcim has agreed to sell its Ugandan business, operated by its local subsidiary Hima Cement, to the Sarrai Group for US$120 million.
70 per cent of Hima Cement Limited is owned by Bamburi Cement and the remaining 30 per cent is owned by Cementia Holding AG (a member of the Holcim Group). In a statement, Bamburi said the transaction does not impact operations in Kenya noting that the move will renew the company’s focus into the Kenyan market
“Holcim and its affiliates are pleased to have found a strategic partner for the Ugandan business in Sarrai, which is well positioned to continue investing in its long-term growth. Holcim and Bamburi 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,” Bamburi said.
In a cautionary announcement on Thursday, Bamburi said Sarrai Group and Rwimi Holdings Limited will acquire 100 per cent of the issued share capital of Hima Cement from Himcem Holdings (70 per cent being 1,335,600 ordinary shares) and Cementia Holdings AG (30 per cent being 572,400 ordinary shares) at avalue of USD 120M subject to certain adjustments to be made at or after completion of the proposed transaction.
“Upon completion of the proposed transaction, Sarrai Group and Rwimi will, together own 100 per cent of the issued share capital of Hima Cement and Hima Cement and all its subsidiaries, including Hima Cement Rwanda will cease to be a member of the Bamburi Group and will become a member of the Sarrai Group”
In March, the Group Chief Executive Officer of Bamburi Cement resigned at the end of his assignment in Kenya. He was appointed on 9th February 2018.
In his place, the board appointed Mohit Kapoor whose tenure took effect 1st April 2023.
