Kalahari Cement Limited has intensified its push to take control of East African Portland Cement Plc (EAPC) with a fresh bid to acquire the National Social Security Fund’s 27% shareholding.
- •The notice of intention, issued on 26 November 2025, marks the firm’s second major takeover attempt in a span of weeks, following its earlier acquisition of Holcim’s 29.2 % stake, for which it got a takeover exemption.
- •It is now seeking a second exemption from the regulator to complete the NSSF deal without triggering a mandatory takeover offer, arguing that both transactions are long‑term strategic investments tied to EAPC’s operational turnaround.
- •Kalahari Cement is owned through Pacific Cement Limited and Comercio Et Conseil Limited, entities linked to Tanzanian billionaire Ebrahim Abdullah Munif’s Amsons Group.
Kalahari Cement said it signed a share purchase agreement with NSSF for its 24.3 million ordinary shares on 25 November 2025. Completion of the transaction requires several approvals including a change‑of‑control endorsement for EAPC’s mining license from the Cabinet Secretary for Mining, a new exemption from the Capital Markets Authority under Regulation 5 of the Takeover Regulations and approval to treat the deal as a private transfer under the Capital Markets Act.
Accelerating Rise of Munif‑Linked Control
NSSF is the largest shareholder ahead of the National Treasury. Kalahari currently owns 26.3 million EAPC shares while Bamburi Cement Plc, another Munif‑aligned firm, holds 12.5 %.
If Kalahari acquires NSSF’s entire stake, Munif‑linked interests would rise to 68.7 %, giving the group effective majority control. This would cement Munif’s grip on two of Kenya’s three largest cement manufacturers, following the near‑full consolidation of Bamburi Cement, where Amsons‑controlled entities hold about 96 %.
Kalahari Cement has reiterated that it will not seek to delist EAPC from the Nairobi Securities Exchange. The firm said keeping EAPC listed supports long‑term access to capital markets and preserves transparency for investors.
