Nairobi, March 10 -- Bamburi Cement has sold its entire stake in Ugandan subsidiary Hima Cement for an estimated $84 million 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 Holdings was completed on March 5 after it received 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 it was promised to shareholders through the circular that preceded the deal.

"The proceeds received from this transaction ....