Nairobi, March 8 -- Bamburi Cement has sold its entire stake in Ugandan subsidiary Hima Cement for an estimated $84 million (Sh12 billion), raising prospects of rewarding shareholders with a special dividend.

The Nairobi Securities Exchange-listed firm said Thursday the sale of the entire 70 percent stake to a consortium of Sarrai Group and Rwimi Holding was completed on March 5 after it got all the regulatory and shareholder approvals.

The completion of the deal injects the amount into Bamburi's books, giving it room to pay a special dividend, subject to the capital allocation plans reviewed by the board and management as shareholders were promised.

"The proceeds received from this transaction . (provide) ability for Bamburi to pay a ...