Govt to offload shares in cement industry, Kenya

Govt to offload shares in cement industry, Kenya
18 August 2006

The government will soon offload more of its shareholding in the cement industry to the public through the Nairobi stock exchange, in a bid to certify the requirements of the Capital Markets Authority.

Trade and Industry Minister Dr Mukhisa Kituyi says Lafarge company is working on a government proposal to reduce its shareholding in the sector.

The Minister at the same time Kituyi said, the Kenya Anti-Corruption Commission has been mandated to investigate misappropriation of funds at the East Africa Portland Company by the previous management.

He said contrary to media reports, there was no witch-hunt in the decision to launch investigations into a 6- million shillings cement grant that former Managing Director Zakayo Ole Mapelu gave to the South Sudan government without the board’s approval.
Published under Cement News