East Africa Portland Cement’s (EAPC) biggest shareholder Kalahari Cement has announced an agreement to buy a 27 percent stake in the company held by the National Social Security Fund (NSSF) for Sh1.6 billion, even as the Nairobi bourse halted trading on the stock on Wednesday morning citing a lack of notification about the material information on the deal.
Kalahari Cement, which is controlled by Tanzanian tycoon Edhah Abdallah Munif, said in its notice that was published in the media that it reached the share purchase agreement with state-controlled NSSF for the pension fund’s 23.4 million shares, pricing the units at Sh66 each for a total consideration of Sh1.604 billion.
