Kenya: East Africa Portland Cement Company has defaulted on a long-term loan from KCB Bank. The bank has demanded immediate repayment of the full loan, according to the Business Day newspaper. The cement producer’s current liabilities grew by 70% year-on-year to US$126m in the financial year to June 2019. In a report made to parliament Auditor-General Nancy Gathungu said, “This movement was largely due to the transfer of long-term loans to current liabilities on account of default on existing loan covenants.”
East Africa Portland Cement Company defaults on loan
URL: https://globalcement.com/news/item/11522-east-africa-portland-cement-company-defaults-on-loan
© 2025 Pro Global Media Ltd. All rights reserved.