State finds buyer for Sh15bn stake in Portland Cement
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Nairobi, July 14 -- The government has found a deep-pocketed buyer for a 30 percent stake in East African Portland Cement Company (EAPCC) for Sh15 billion in a deal that is likely to trigger a fresh fight for control of the cement firm facing insolvency.
Industry Principal Secretary (PS) Juma Mukhwana told the National Assembly that the Ministry of Investment, Industry and Trade had approved a turnaround plan that will see the strategic investor buy 30 percent shareholding in the company.
The PS said the deal is now only awaiting President William Ruto's approval.
"We were to meet the President yesterday (Wednesday) but the meeting has been rescheduled to next week. We have approved a proposal between the National Treasury, the Nationa...
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