Tanzanian conglomerate Amsons Group has completed the buyout of a 29.2 percent stake in East African Portland Cement (EAPC) valued at Sh718.66 million from Swiss multinational Holcim, strengthening its foothold in Kenya’s cement market.
The acquisition, executed through Amsons’ subsidiary Kalahari Cement Limited, follows the signing of a share purchase agreement on July 31, 2025 and subsequent regulatory clearance. The deal was closed on November 4, ending weeks of uncertainty that arose from a Parliamentary probe into the transaction.
Under the agreement, Kalahari Cement acquired a 14.6 percent stake in EAPC from Associated International Cement Limited (AIC) and another 14.6 percent stake from Cementia Holding AG, both at a price of Sh27.30 per share. The two investment vehicles that held a combined stake of 29.2 percent in EAPC are owned by Holcim.
Amsons Group managing director Edha Nahdi described the acquisition as a “strategic investment” that will build long-term value for EAPC, by strengthening the firm’s infrastructure and providing access to additional resources.
“Our subsidiary Kalahari Cement is a committed and experienced strategic investor and will leverage its market positioning to provide capital and technical resources necessary to transform EAPC into one of Kenya’s leading cement manufacturers by volume and profitability, as part of our corporate contribution to Kenya’s economic prosperity,” Mr Nahdi said.
The deal comes hardly a year after Amsons completed the full acquisition of Bamburi Cement in December for Sh23.6 billion, cementing its hold on Kenya’s cement market.
With Bamburi already owning 12.5 percent of EAPC, Amsons will emerge as the single largest shareholder of EAPC with a 41.75 percent stake.
Kalahari Cement is controlled by Tanzanian tycoon Edhah Abdallah Munif through his wholly-owned Mauritius-based investment companies —Pacific Cement (90 percent) and Comercio Et Consiel (10 percent). In Bamburi, his stake is held through an investment vehicle called Amsons Industries Kenya.
The ownership in EAPC will effectively give companies controlled by Mr Munif the muscle to access strategic information in two of Kenya's top cement firms that have a combined share of 31 percent of the country's production capacity of 14.5 million tonnes per annum.
Amsons applied to the Capital Markets Authority (CMA) for an exemption from the requirement to make a mandatory take-over offer to all shareholders in EAPC. On August 5, 2025, CMA approved the exemption application in line with Capital Markets (Takeovers and Mergers) Regulations, 2002 (the Takeover Regulations).
The EAPC stock at the Nairobi Securities Exchange opened the day trading at Sh60.50 per share, being more than double the negotiated selling price of Sh27.30 in the Kalahari deal.
At the prevailing price, the company has a market capitalisation (valuation) of Sh5.44 billion, while Kalahari Cement's purchase price values it at Sh2.46 billion.
Both valuations are also well below EAPC's net asset or book value of Sh20.4 billion, as per the company's latest audited financial results dated June 2024. The company's total assets stood at Sh35.19 billion and total liabilities at Sh14.79 billion as at end of June last year.
