Kenya’s National Cement Company, part of the Devki Group conglomerate, has completed the buyout of a 99.94 percent stake in Rwanda’s Cimerwa Plc in an $84.3 million (Sh13.6 billion) deal that expands its cement operations in East Africa.
The firm paid $0.12 (Sh19.4) for each of the 702.7 million shares of Cimerwa, which is listed on the Rwanda Stock Exchange. The acquired firm is set to be delisted from the bourse.
