Cash-strapped East African Portland Cement Company (EAPCC) #ticker:PORT has sunk into a Sh10.2 billion insolvency after it defaulted on a long-term KCB Bank loan #tiker:KCB, forcing the lender to demand immediate repayment.
A report tabled in Parliament by Auditor-General Nancy Gathungu on the cement firm’s financial performance for the year ended June 2019 shows that liabilities payable within 12 months have outstripped current assets by 66 percent, from Sh6.14 billion the previous year.
