The Capital Markets Authority (CMA) has approved the exemption of Kalahari Cement Limited from a mandatory takeover for the proposed acquisition of shares in East African Portland Cement Plc (EAPC).
The approval follows the signing of agreements by Kalahari Cement to acquire a 29.2% stake in EAPC from Associated International Cement Limited (14.6%) and Cementia Holding AG (14.6%) in July 2025.
The CMA approved the acquisition as a private transaction under the Capital Markets Authority Act, CAP 485, and the Capital Markets Regulations, 2023. Kalahari Cement will purchase 13,144,442 ordinary shares in EAPC from Associated International Cement Ltd and 13,180,442 ordinary shares from Cementia Holding AG at KES 27.3 per share. Kalahari will gain control of EAPC as a major shareholder alongside the National Treasury, the National Social Security Fund (NSSF), and Bamburi Cement.
Impact of Kalahari Cement’s Investment in EAPC
According to a statement issued by Kalahari, the investment is set to boost EAPC’s infrastructure, enhance resource accessibility, and build long-term value for the cement manufacturer.
The move is expected to drive growth and strengthen the cement industry’s infrastructure by enhancing production capabilities and creating new opportunities for innovation and market expansion.
EAPC will remain listed on the Nairobi Securities Exchange (NSE). EAPC closed the trading session on 14th November 2025 at KES 59.00, and has gained a whopping 92.8% year-to-date and 67.6% over the last one year. The company’s market capitalization at the NSE is at KES 5.31B.
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