Investment Secretary Esther Koimett is expected to kick-start the process that will culminate in sale of more East African Portland Cement Company shares at the bourse. Lafarge, the owners of Bamburi, and the Treasury have agreed to let go some of their shares, PS Trade and Industry David Nalo told reporters.
East African Portland acting managing director Ndegwa Kagio confers with general manager Caleb Kapten during the 76th annual general meeting of the company yesterday. Photo/Peterson.
Speaking after the company annual general meeting at Athi River, Mr Nalo said the major shareholders have held two meetings so far where a general consensus on the issue had been reached. Sale of the shares at the Nairobi Stock Exchange would allow the company to meet the continued listing rules set by Capital Markets Authority - which the company has continuously flouted.
"Treasury has authorised the PS (investment) to work out the details," said Mr Nalo. The three top shareholders were involved in the talks.
He, however, said there were no time lines for the sale.
Apart from meeting the CMA regulations, the move would address perceived monopoly of Lafarge in the market, said the PS. Besides being majority shareholder in Bamburi, it indirectly owns 15 per cent in the other cement manufacturer, Athi River Mining.