Despite high expectations of juicy returns anticipated from the sale of a Ugandan subsidiary, Bamburi Cement Lmtd suffered a net loss of $2.9 million last year on account of one-off taxation costs and legal settlement expenses tied to the sale of Hima Cement Uganda Ltd.
Under the deal, Himcem Holdings, Cementia Holding AG, Sarrai Group and Rwimi Holdings jointly acquired the entire issued share capital of Hima Cement from Himcem Holdings Lmtd amounting to 70 percent shareholding; equivalent to 1,335,600 shares while Cementia Holding AG acquired 30 percent shares in the business.
