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Queries over steep discount in planned sale of Portland
East Africa Portland Cement Company. The Court of Appeal has rejected an application by a group of homeowners in Mavoko, Machakos County, who had sought to block the firm evicting them from parcels of land claimed by the cement firm.
The planned sale of East African Portland Cement (EAPC) to a Tanzanian tycoon has sparked uproar in Parliament over the discounted cost of the deal said to be way below the market price.
MPs have queried why shares in the asset-rich firm were being sold at a price that does not reflect the book value of Sh20.4 billion and the market valuation of the cement maker.
