Wedoany.com Report-Nov. 28, Kalahari Cement, the largest shareholder in East Africa Portland Cement (EAPC), has signed a share purchase agreement on 25 November 2025 to acquire the National Social Security Fund’s (NSSF) 27 percent stake for KES 1.6 billion ($12.33 million).

The transaction involves 23.4 million shares at KES 66 each. Upon regulatory approval, Tanzanian businessman Edhah Abdallah Munif’s effective ownership through Kalahari Cement and Bamburi Cement would increase from 41.7 percent to 68.7 percent, establishing majority control of the Kenyan cement producer.

Trading in EAPC shares on the Nairobi Securities Exchange was suspended on Wednesday morning due to unverified market information concerning a potential share transfer. Prior to the halt, the share price rose 9.54 percent to KES 66, with 6,319 shares traded.

Kalahari Cement notified EAPC, the Nairobi Securities Exchange, the Capital Markets Authority (CMA), and the Competition Authority of Kenya about the agreement on 26 November.

The offer price of KES 66 per share represents a substantial premium compared with the KES 27.30 paid earlier in November for the 29.2 percent stake previously held by Holcim. Despite the increase, EAPC’s current market capitalisation of KES 5.94 billion remains significantly below its net asset value of KES 20.4 billion recorded in June 2024.

The transaction remains subject to approval by relevant regulatory authorities in Kenya. Last week, the Capital Markets Authority granted Kalahari Cement an exemption from the requirement to launch a mandatory takeover offer following its earlier acquisition of the Holcim stake, clearing a major regulatory step for the ongoing consolidation of ownership in EAPC.