Hima cement scoops 2010 investor of the year award
Hima Cement Ltd. was crowned overall winner the investor of the year 2010, beating 24 other competitors in the category.
The investor awards recognizes investors that have made a significant and lasting contribution to the development of the economy through job creation and tax revenues as well as CSR. The 17th annual event organized by Uganda Investment Authority (UIA) attracted both big and small investors countrywide, under the theme “Investment; a major job creator”. The event which took place at Hotel Africana on 16th December 2010 was officiated by Professor Maggie Kigozi the Executive Director of Uganda Investment Authority.
Hima Cement was awarded for investing over $120 million in its state of the art environment-friendly cement factory located in the western part of Uganda in Kasese. This investment increased cement production from 350,000 to 850,000 Per Annum.This investment was a response to the government’s call on expansion and increased investment in the manufacturing sector. The successfully expanded plant that boasts of a new line which is fully automated and controlled from one central control room has created direct employment to 600 Ugandans within the region during its construction.
As one of the tax payers in Uganda, Hima Cement has made it possible for the government to collect more tax revenue to support investment infrastructure and social sciences. It has also been in the fore-front of several initiatives aimed at converging the environment .It has been substituting heavy fuel oil with coffee and rice husks for our energy needs which has greatly reduced carbon emissions. Dedication of about US$ 1 million to CSR projects, as well as general social improvements.
David Njoroge, the General Manager Hima Cement said, “We are delighted to receive this prestigious award for the investment we have made.” We are pleased that the UIA and the people of Uganda have selected us, as the investor of the year. It reassures us of the confidence the people have in our brand”
“Awards like this are undoubtedly good for business. It is an example of how investment can successfully contribute to the growth of the economy through job creation, taxes and also improvement of lives through the community interventions.”
Speaking at the awards ceremony, the UIA board chairman, Patrick Bitature said, “Uganda’s long term growth requires the development of a competitive manufacturing and industrial Sector that creates jobs for the locals.”
Hima Cement was also commended for saving foreign currency that was used in importing cement.