EAPC to convert yen loans, Kenya

EAPC to convert yen loans, Kenya
Published: 23 February 2011

East African Portland Cement Co (EAPC) plans to convert its yen-denominated loans into other currencies, Business Daily reported, citing managing director Kephar Tande.

A currency swap is expected to be completed by mid-March, the Nairobi-based newspaper said.

PricewaterhouseCoopers LLP was appointed to advise the company on the conversion, it said.

EAPC has KES3bn (US$36.6m) to settle after it took a KES1.7bn loan in 1990, the newspaper said.