East African Portland Cement Co. Ltd., Kenya’s third-biggest cement maker, rose to a six-week high after saying it had appointed a new acting managing director.
The stock climbed 4 shillings, or 3.4 per cent, to close at 121 shillings as of 2:05 p.m. in Nairobi, the capital. That’s the strongest closing price since June 15.
The company appointed Kephar Tande as acting managing director to replace John Nyambok who retired July 22, the company said in an e-mailed statement to the Nairobi Stock Exchange today.
Nyambok had “irreconcilable differences” with the company’s board and chose to leave, he told Nairobi-based Business Daily newspaper today.
“Investors view the appointment of the new MD as positive news and perhaps an end to the ‘boardroom disputes’ and disputes over the procurement process within the company,” Renaldo D’souza, a research and investment analyst at Nairobi-based Genghis Capital Ltd., said in response to e-mailed questions.