Kalahari Cement is set to increase its stake in Kenya’s cement industry by acquiring additional shares in East Africa Portland Cement (EAPC).
In a notice, the firm says it is set to acquire 27 percent of the shares of EAPC currently held by the National Social Security Fund (NSSF).
Kalahari noted that it has put in a bid of Ksh66 a piece for the 24.3M shares, translating to Ksh1.6B.
If successful, the deal will make Kalahari the largest shareholder of EAPC at 56.2 percent.
“Kalahari does not intend to delist EAPC from the NSE after completion of the proposed transaction,” it says in a statement.
The deal is still a subject of regulatory approval.