Kenya’s Capital Markets Authority (CMA) has granted Kalahari Cement Ltd an exemption from making a mandatory takeover offer for East African Portland Cement (EAPC), removing a key regulatory hurdle to its purchase of Holcim’s 29.2 per cent shareholding in the company.
The waiver allows the transaction to proceed as a private placement and enables Tanzanian industrialist Ebrahim Abdullah Munif—through Kalahari Cement and related entities—to consolidate a combined 41.7 per cent interest in EAPC. The CMA described Kalahari as a “strategic investor,” citing its long-term operational and technical alignment with EAPC’s objectives.
Kalahari Cement, incorporated in Kenya earlier this year, is ultimately owned by Munif’s Amsons Group, which recently acquired a 96 per cent stake in Bamburi Cement. Bamburi already holds 12.5 per cent of EAPC, contributing to the emerging consolidation of Munif-linked holdings in Kenya’s cement sector.
According to Kalahari, the investment aims to strengthen EAPC’s production infrastructure, expand capacity and provide new capital and technical expertise. Analysts say the move positions Munif as a major force in the region’s construction materials industry, though it may also raise questions about increased market concentration.
