East African Portland Cement Company seeks to sell part of its idle land to raise working capital pending approval of an extraordinary general meeting to be held on September 27, 2019.
Board chairman in a memo asked the shareholders to consider disposing of two parcels 745 acres and 1329.95 acres in the Mavoko sub-county in Machakos.
The sale he says will enable the troubled firm to clear all loan obligations, raise funds of operational, and plant refurbishment.
However, the EAPCC will need to evict squatters before declaring the land ready for sale. Part of the cash raised in the current sail will service an Sh5.38 billion KCB loan.
Previous sale
EAPCC has in the past resorted to the sale of land to raise capital. For instance, in 2018 the firm sold 900 acres at Sh5.2 billion to Kenya Railway Corporation.
The firm has been on a restructuring drive to contain runaway operation costs.
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