The East African Portland Cement Company (EAPC) has announced a major shake-up of its Board of Directors following the exit of the National Social Security Fund (NSSF), which has fully divested its stake in EAPC. Its 27% shareholding (24.3 million shares) was acquired by Kalahari Cement, a subsidiary of Amsons Group, in a deal valued at KES 1.6 billion.
Following this acquisition alongside earlier purchases and existing holdings by Bamburi Cement, Kalahari Cement now effectively controls close to 69% of EAPC. Notably, the NSSF stake was acquired at KES 66 per share, while recent trading on the Nairobi Securities Exchange (NSE) has seen the share price rise to between KES 80 and KES 82, reflecting growing investor interest.
EAPC Board Appointments
As part of the transition, EAPC has begun restructuring its board to align with the new ownership and strategic direction. The company has appointed James Oduor as an Independent Non-Executive Director. He brings over 24 years of experience in financial management and operations and currently serves as Chief Financial Officer at Lemi National PLC in Ethiopia, one of the country’s largest cement producers. At the same time, David Koross has stepped down from the board following the NSSF exit.
The new majority owners have outlined an ambitious turnaround plan backed by a KES 26 billion investment. The funds will go toward modernizing EAPC’s Athi River and Kajiado plants, with the aim of increasing production capacity from 1.3 million tonnes to nearly 4 million tonnes within the next three years.
This strategy builds on recent financial improvement. For the 2024/25 financial year, EAPC reported a net profit of approximately KES 1.07 billion, marking a strong recovery from previous loss-making periods.
The combination of new ownership, fresh capital, and board restructuring positions EAPC for a potential turnaround. If successfully executed, the company could strengthen its competitiveness against established players like Bamburi Cement and regain a stronger foothold in the regional cement market.
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