Bamburi signals dividend from Sh12bn Uganda deal

Bamburi Cement has signalled that it expects to pay its shareholders a special dividend from the sale of its 70 percent stake in its Uganda subsidiary Hima Cement for $84 million (Sh12.86 billion), backing investor expectations of a payout that has spurred its shares to a gain of 55 percent in the last two weeks.

The Nairobi Securities Exchange (NSE)- listed cement maker told shareholders in a circular that the proceeds of the sale could either be reinvested in the Kenyan unit or distributed to its owners, subject to capital allocation plans by its board and management.