NSSF to sell stake in Bamburi, Kenya

NSSF to sell stake in Bamburi, Kenya
Published: 09 March 2011

Kenya’s National Social Security Fund (NSSF) is set to dispose of its 14 per cent stake in leading domestic cement maker Bamburi because of a dim outlook for the stock, Business Daily reported on Wednesday.

"NSSF ... said it was cutting back its shares at the firm arguing that the rising competition in the sector was likely to hurt Bamburi’s growth and share price outlook at the Nairobi Stock Exchange," the daily said.

Bamburi, which is majority held by Lafarge, posted a 21 per cent drop in annual pretax profit as competition increased.