The National Social Security Fund (NSSF) has completed the sale of its 27% ownership in listed cement producer East African Portland Cement Company (EAPCC) to Kalahari Cement Limited, a subsidiary of the Amsons Group.
The transfer of ownership follows approval from the Capital Markets Authority (CMA), the Competition Authority of Kenya (CAK), and the Ministry of Mining. The CMA exempted Kalahari Cement from making a mandatory takeover offer, while the CAK cleared the company, citing no threat to lessen or increase competition in the cement industry.
Kalahari Cement acquired 24.3 million ordinary shares in EAPCC from NSSF at KES 66 per share, for a total cost of approximately KES 1.6 billion. The 27% stake adds to the company’s recent 29.2% acquisition in EAPCC from Associated International Cement Limited and Cementia Holding AG, making it the majority shareholder of EAPCC with a 69% stake.
Kalahari Cement Managing Director on the acquisition
According to Kalahari Cement Managing Director Edha Munif, the acquisition of a majority stake in EAPCC is aimed at increasing cement production and investment in Kenya, while creating both direct and indirect jobs.
“We plan to make a significant investment in EAPCC with the aim of tripling production capacity in the next three years. We also plan on building another clinkerisation plant, which will lead to thousands of new jobs being created and increased revenue for Kenya as sales grow,” said Mr. Munif.
The Managing Director added that the expansion of EAPCC will benefit other industries including logistics and construction.
EAPCC’s majority stake acquisition is expected to bring the company back to profitability after 13 years of financial constraints. Following the acquisition of Bamburi Cement by the Amsons Group in December 2024, Bamburi Cement has grown its EBITDA by double digits, underpinned by improved efficiency and strong support from the parent company. Amsons’ Kenyan unit, Amsons Industries, acquired 350.4 million shares in 2024, raising its stake to 96.54% of Bamburi Cement.
Amsons launched the construction of a 5,000 Tonnes Per Day clinker facility (1.6M TPA) in Kwale County. The project, which requires more than USD 300 million (KES 39 billion) in Foreign Direct Investment, and is set to create over 1,000 jobs directly while stimulating economic activity at the Kenyan Coast. East African Portland Cement closed trading as the top loser on 9th December 2025, with the counter (NSE:PORT) shedding 5.11% to KES 79.00 with 4,694 shares traded across 28 deals resulting in a gross turnover of KES 341.5 million. The firm’s market capitalization stands at KES 7.11 billion. The counter has receded from its multi-year high of KES 101.00 recorded on 4th December 2025.
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