Govt to offload shares in cement industry, Kenya

Govt to offload shares in cement industry, Kenya
Published: 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.