Parliament on Tuesday directed the East African Portland Cement (EAPC) to pursue a share buyback of a 29.2 percent stake owned by a Swiss multinational in what looks set to derail the sale of the shares to a Tanzanian tycoon.
The planned sale of the EAPC shares to the Tanzanian investor, Edhah Abdallah Munif, has raised concerns in Parliament over the discounted cost of the deal at half the cement maker’s stock price.
