Nairobi Securities Exchange (NSE) has announced that Bamburi Cement has finalized selling its 70 percent shares in Hima Cement Limited 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,” NSE said.

The sale involved 1,335,600 ordinary shares in Hima, a Ugandan company 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.

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The cement manufacturing company has advised its shareholders and investors to be careful when trading its shares, as this is a major change in its business operations.

The corporation signed a deal in December 2023 to sell all of its shares, with the Swiss company Cementia Holding AG acquiring the remaining 30% of the 572,400 million shares.

However, the transaction's completion was contingent upon receiving regulatory permission and shareholder approval for Bamburi.

“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.”