Bamburi Cement has sold its Ugandan business to Sarrai Group for Sh18.3 billion, following board approval to sell its stake in Hima Cement Limited.

In a statement, Bamburi Cement, however said, the completion of the transaction is 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.”

“70% of Hima Cement Limited is owned by Bamburi Cement PLC and the remaining 30% is owned by Cementia Holding AG (a member of the Holcim Group).”

Sarbjit Singh Rai owns the Sarrai Group, which is interested in sugar and other industries.

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He is the brother of Jaswant Rai, a Kenyan billionaire who owns Kabras Sugar.