Nairobi, March 7 -- Bamburi Cement has completed the sale of its 70 percent stake in its Ugandan subsidiary Hima Cement for an estimated $84 million (Ksh12 billion) giving it a cash flow boost.

The Nairobi Securities Exchange-listed firm said Thursday morning the sale of the stake to a consortium of Sarrai Group and Rwimi Holding was completed on March 5 after it received all the regulatory and shareholder approvals. This means the Uganda unit will no longer be Bamburi's subsidiary.

"Bamburi is pleased to announce that all the conditions precedent to the transaction have been satisfied and that the transaction successfully completed," said the cement maker in a statement.

Read: Bamburi Cement sells Uganda subsidiary

"Following the com...