Billionaire Sarbjit Singh Rai, Owner of Sarrai Group, on Wednesday, November 15 completed the acquisition of Bamburi Cement unit in Uganda.
The acquisition followed a board approval to sell its stake in Hima Cement Limited.
However, the completion of the transaction is subject to the completion of 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 USD120 million,” Bamburi Cement statement read in part.
“70 per cent 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),” it added.
The new acquisition will not affect Bamburi Cement operations in Kenya.
“Divesting its operations in the Ugandan market will lead to Bamburi Cement PLC focusing its efforts on the Kenyan market.”
The billionaire is the brother of Jaswant Rai, a Kenyan tycoon who owns Kabras Sugar.
