Swiss cement-maker Holcim has announced plans to sell its subsidiaries in Tanzania and Uganda.
Hima Cement, the Ugandan business, will be sold to local conglomerate Sarrai Group for $120m.
Holcim will sell its 65% share in the Mbeya Cement Company in Tanzania to Amsons Group for an undisclosed amount.
Martin Kriegner, Holcim’s regional head, said: “These divestments advance our strategy to consolidate our leadership in core markets as the global leader in innovative and sustainable building solutions.
“With the Sarrai Group and Amsons Group, we are pleased to have found strategic and trusted partners who are best positioned to develop these businesses in the long term.”
The two divestments are subject to regulatory approval.