Uganda could lose up to over Shillings 930.5Billion investment by Hima Cement Ltd to Kenya, the Chief Executive Officer, Nicolas George has revealed.
Hima Cement Ltd. is a subsidiary of Bamburi Cement Ltd, a member of LafargeHolcim Group, a Swiss multinational company that manufactures building materials.
According to George, LafargeHolcim has a plan to invest US$ 250 million in any of the East African countries and Zambia and Malawi.
He explains that Uganda was on top of the list as an investment destination but the tedious land acquisition process has crippled the plan.
George told the Justice Catherine Bamugemereire Land Commission on Thursday that the company has been trying to acquire land in Uganda for the past one year to set up a new cement factory in vain.
He explained that as a result, LafargeHolcim is considering diverting the investment to Kenya.