Nairobi, Nov. 16 -- Bamburi Cement is set to sell its 70 percent stake in its Ugandan subsidiary Hima Cement for $84 million (Ksh12.7 billion), a move that will boost its cash flows.

Hima Cement's minority shareholder Cementia Holding AG is also joining its sister company Bamburi to sell its 30 percent stake for $36 million (Ksh5.4 billion) to a consortium of Sarrai Group and Rwimi Holdings, that will fully own the cement manufacturer.

Bamburi's share price gained 11 percent on Wednesday on the announcement of the news to close at Ksh25, rising from the 52-week low of Ksh21.3 set on October 31.

Read: Economic recovery lifts Bamburi Cement profit

"Upon completion of the proposed transaction . Sarrai Group Limited and Rwimi Holdings Lim...