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Portland Cement defaults on loan, cuts staff by 78pc
East African Portland Cement shareholders during the annual general meeting at Safari Park Hotel on September 27, 2019. East Africa Portland Cement Company (EAPCC) former senior managers and board members who presided over plunder of the firm’s assets will soon face criminal prosecution. PHOTO | DIANA NGILA | NMG
East African Portland Cement cut its permanent staff by 78 percent in the year ended June 2021 as it battled a cash crisis.
The firm, which returned to profitability after posting a net profit of Sh1.8 billion in the year under review from a loss of Sh2.7 billion, cut its permanent staff by 209 in a massive layoff. This reduced its headcount of permanent staff from 268 to 59.
