Kenya: The East African Portland Cement Company (EAPCC) is waiting for cabinet approval to sell US$98.8m worth of land as part of efforts to return to profitability.
The Nairobi bourse listed firm, through the Ministry of Trade, has prepared a brief for Cabinet approval to sell part of 13,000 acres of land it owns in Athi River.
Proceeds from the sale will be used to retire a US$37.5m debt and partly fund a revamp of its ageing plant, which requires nearly US$400m of investment to be brought to a level where the EAPCC can compete well with nimble rivals like Savanna Cement.