Kalahari Cement Ltd has signed binding agreements to acquire a combined 28.2 per cent stake in East African Portland Cement (EAPC) from Associated International Cement Ltd (14.6 per cent) and Cementia Holding AG (13.6 per cent).
The acquisition enables Kalahari Cement, a special purpose vehicle backed by Pacific Cement Ltd and entities linked to businessman Ebrahim Abdullah Munif, to gain control of EAPC, joining top shareholders such as the National Treasury (25.3 per cent) and the National Security Fund (27 per cent). The remaining 12.5 per cent in EAPC is owned by Bamburi Cement.
The deal sees the purchase of 26.3m shares at KES27.30 (US$0.21)/share, with a total transaction value of KES717m, representing a 42.5 per cent discount to EAPC’s closing price of KES47.50 on 31 July 2025, according to the company’s announcement.
While the transaction was formalised through a share purchase agreement on 31 July, completion remains subject to regulatory approvals, including clearance from the Competition Authority of Kenya.
The buyer has clarified that it does not intend to acquire further shares or delist EAPC from the Nairobi Securities Exchange.
