Kalahari Cement, the largest shareholder in East Africa Portland Cement (EAPC), has agreed to acquire the 27 per cent stake held by Kenya’s National Social Security Fund (NSSF) for KES1.6bn (US$12.33m) a move that would give Tanzanian businessman Edhah Abdallah Munif effective control of the company.
In a notice published in Kenyan media, Kalahari said it had signed a share purchase agreement on 25 November 2025 to buy NSSF’s 23.4mshares at KES66 each, valuing the transaction at KES1.604bn. If approved by regulators, Munif’s total shareholding—through Kalahari Cement and Bamburi Cement—would rise from 41.7 per cent to 68.7 per cent.
The Nairobi Securities Exchange (NSE) halted trading in EAPC shares on Wednesday morning, citing “unverified market information regarding a potential share transfer”. Before the halt, the share price surged 9.54 per cent to KES66, with 6319 shares traded, indicating a strong market reaction.
Kalahari said it notified EAPC, the NSE, the Capital Markets Authority (CMA) and the Competition Authority of Kenya on 26 November, though the trading halt suggests regulators had not received the notice before markets opened.
The KES66 offer represents a significant premium to the KES27.30 per share Kalahari paid earlier this month when acquiring Holcim’s 29.2. per cent stake. Despite the higher valuation, EAPC’s market value—KES5.94bn—remains well below its KES20.4bn net asset value as of June 2024.
Regulatory approvals will determine whether Munif secures control of the Kenyan cement producer. Last week, Kenya's Capital Markets Authority (CMA) has granted Kalahari Cement an exemption from making a mandatory takeover offer for EAPC, removing a key regulatory hurdle to its purchase of Holcim’s 29.2 per cent shareholding in the company.
