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News New investor may acquire 30% East African Portland Cement Company

New investor may acquire 30% East African Portland Cement Company

Written by Global Cement staff 17 July 2023
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Kenya: The government says that it has found a 'strategic investor' to buy a 30% stake in East African Portland Cement Company (EAPCC). Business Daily News has reported that the buyer will acquire shares from the National Treasury, the National Social Security Fund (NSSF) and Lafarge South Africa. The government holds 25% of EAPCC's shares through the Treasury, while the NSSF holds 27% and Lafarge South Africa 42%.

Lafarge South Africa denied that it plans to sell any of its shares in EAPCC. Chief executive officer Geoffrey Ndugwa said "We are not aware that we will be ceding shares.”

The government said that shareholders currently face the decision to sell EAPCC's land, seek a bailout from the Treasury or liquidate the company. It expects shareholders to reach a decision and establish a comprehensive plan for the company by 17 August 2023.

Last modified on 19 July 2023
Published in Global Cement News
Tagged under
  • Kenya
  • East African Portland Cement Company
  • East Africa Portland Cement
  • Government
  • National Social Security Fund
  • Lafarge South Africa
  • Holcim
  • Shares
  • shareholders
  • Stake
  • land sale
  • bailout
  • meeting
  • GCW617
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