Swiss cement giant Holcim sells Tanzania, Uganda businesses

What you need to know:

  • It will sell its 65-percent stake in Mbeya Cement Company to Amsons Group for an undisclosed sum.

Swiss cement giant Holcim said Wednesday it was selling its businesses in Tanzania and Uganda to local companies as the group focuses on its core markets.

Holcim said it signed an agreement to sell its Ugandan subsidiary, Hima Cement, to the Uganda-based conglomerate Sarrai Group in a deal valued at $120 million.

It will sell its 65-percent stake in Mbeya Cement Company in Tanzania to Amsons Group for an undisclosed sum.

"These divestments advance our strategy to consolidate our leadership in core markets," Martin Kriegner, Holcim's regional head for Asia, the Middle East and Africa, said in a statement.

The deals must be approved by regulators.