Bamburi Cement has actually formally offered 100 percent of its stake in Uganda according to a notification released by the business on Wednesday, March 6.
In the declaration, Bamburi revealed that it had actually offered 1,335,600 common shares in Hima Cement Limited signed up in Uganda.
This represented 70 percent of the overall released shares in Hima Cement Limited owned by Himcem Holdings Limited which is a subsidiary of Bamburi Cement.
“Further to the statement on 14 November 2023 relating to the sale of shares in Hima Cement Limited to Sarrai Group Limited and Rwimi Holdings Limited (the Transaction) and the publication of the outcomes of the virtual basic conference of the investors of Bamburi Cement Plc (Bamburi) hung on 14 December 2023, where Bamburi’s investors authorized the Transaction, Bamburi is pleased to reveal that all the conditions precedent to the Transaction have actually been pleased which the Transaction effectively finished on March 5, 2023,” the business specified.
A far-off view of Bamburi Cement situated in Mombasa County
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Bamburi Cement
With the sale of over 1.3 million shares, Bamburi revealed that it had actually totally left the Ugandan market.
Beginning from March 5, Bamburi revealed completely divesting its exclusive interest in Hima Cement specifying that Hima Cement would no longer be considered its subsidiary.
“This advancement makes up product details and investors and financiers of Bamburi are prompted to work out care when trading in Bamburi’s shares due to this substantial modification,” Bamburi mentioned.
The Board of Bamburi valued its investors and Capital Markets Authority for their functions in assisting in the deal.
On November 14, the National Securities Exchange (NSE) revealed that Sarrai Group owned by billionaire Sarbjit Singh Rai together with Rwimi Holdings would purchase Bamburi Cement’s stake in Uganda and Rwanda.
At the time, the offer was approximated to be worth Ksh18 billion.
Sarrai Group runs the Rai Cement factory in Kisumu and has some other holdings in Kenya, consisting of the objected to Mumias Sugar Company (MSC)
With the deal finished, the Sarai Group will now be in control of a grinding plant in Tororo and a mixing station in Namanve.
The offer even more consists of Hima Cement operations in Rwanda along with a clinker and a cement plant in Kasese, Uganda.
Sarrai Group directors from left Rakesh Kumar Bverts, Sarbjit Singh Rai and Stephen Chege Kirumba.
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