East Africa Portland Cement Co., Kenya’s second-largest cement maker, plans to issue a convertible bond to raise funds to fully hedge a yen-denominated loan that has reduced its profit, the Standard reported.
The company obtained a KES1.7bn-dominated loan in 1996 to expand its production capacity. Due to the strengthening of the yen, by last year the loan amounted to 3.8 billion shillings, the Nairobi-based newspaper said, citing East Africa Managing Director John Nyambok.
