Kalahari Cement has secured a KES 1.6 billion deal to acquire an additional 27% equity stake in East African Portland Cement (EAPC) from the National Social Security Fund (NSSF), marking a significant realignment within Kenya’s cement manufacturing and capital markets landscape.
In a public notice issued on Tuesday, the locally incorporated investment firm confirmed that it had entered into a share purchase agreement with NSSF for 24.3 million ordinary shares of EAPC, priced at KES 66 per share. The transaction, which remains subject to regulatory approvals, further strengthens Kalahari Cement’s position in one of Kenya’s oldest publicly listed manufacturing companies.
The acquisition follows Kalahari Cement’s recent purchase of a 29.2% stake from Associated International Cement Limited and Cementia Holding AG, positioning it as the single-largest shareholder in East African Portland Cement. Bamburi Cement Plc, a related company, also holds approximately 12.5% of EAPC’s ordinary shares.
Despite now assuming effective control, the company emphasised it has no intention of launching a takeover bid for the remaining voting shares of East African Portland Cement. Instead, it plans to seek an exemption from the Capital Markets Authority (CMA), in accordance with regulatory provisions governing transactions of this scale.
Mr Edha Nahdi, Group Managing Director of Amsons Group, the pan-African conglomerate that owns Kalahari Cement, described the move as a long-term strategic investment aimed at supporting EAPC’s recovery, operational strengthening, and future growth pathways.
Nahdi clarified that Kalahari Cement does not intend to delist East African Portland Cement from the Nairobi Securities Exchange after completion of the proposed transaction.
“Kalahari, as a long-term strategic investor, is committed to assisting EAPC in achieving its strategic objectives whilst deepening the capital markets regime, which is vital for Kenya’s economic prosperity,” he said.
He added that the firm’s investment philosophy was anchored in providing patient capital, strengthening EAPC’s infrastructure, and increasing access to industry partnerships, including technical expertise across the Amsons Group network.
“As I have previously mentioned, as a long-term strategic investor, Kalahari Cement will assist EAPC to achieve its strategic objectives through a shared prosperity model with all stakeholders—from staff and trade partners to government agencies,” Nahdi said.
The Group Managing Director also stressed that the acquisition forms part of a broader turnaround partnership. “We do not intend to spare any resource, financial or otherwise, in our turnaround partnership with all EAPC stakeholders,” he added.
The acquisition comes at a period of renewed attention on East African Portland Cement, which remains a key player in Kenya’s construction and infrastructure sectors. The company, listed on the Nairobi Securities Exchange, owns an integrated cement plant on the outskirts of Nairobi and produces a range of brands, including its flagship Blue Triangle Cement.
In recent years, EAPC has been under pressure to stabilise its financial footing and modernise its operations amid rising competition and shifting market dynamics.
The firm’s product range includes Blue Triangle Cement, Green Triangle Cement, an innovative lower-carbon product tailored for environmentally conscious customers and a series of cabro paving solutions such as Falcon Cabro, Olympia Cabro, Tri-Hex Cabro, and Cosmo Cabro.
Founded in 2006 in Tanzania, Amsons Group has grown into a diversified enterprise spanning cement manufacturing, fuel distribution, real estate, commodities, and financial services. The company operates fuel depots in Kenya, Tanzania, Mozambique, Zambia, Burundi, and the Democratic Republic of Congo, supported by over 150 retail fuel stations.
Its cement manufacturing operations now include an installed production capacity of 6,000 metric tonnes per day, which is expanded through the recent acquisition of Mbeya Cement. With a combined output of 13,000 metric tonnes per day, Amsons Group is positioning itself as a significant player in regional cement supply.
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