Kalahari Cement, a locally incorporated investment firm, has successfully completed its bid to acquire an equity stake in East African Portland Cement Plc (EAPC). The completion of the sale, as a private transaction, follows the signing of a share purchase agreement (SPA) dated 31st July, 2025, and the fulfilment of the relevant regulatory conditions, and closed on Tuesday, November 4, 2025.
With the sale completion, Kalahari Cement, a subsidiary of the pan-African Energy and manufacturing business conglomerate Amsons Group, has acquired 13,144,442 (14.6%) ordinary shares in the issued share capital of EAPC from Associated International Cement Limited (AIC) and another 13,180,442 (14.6%) ordinary shares in EAPC from Cementia Holding AG at KES 27.30 per Share.
Speaking after confirming the completion, Amsons Group Managing Director Mr Edha Nahdi described the acquisition as a “strategic investment” designed to build long-term value for EAPC, by strengthening the firm’s infrastructure and providing access to additional resources.
The recently completed acquisition, Mr Nahdi added, will enable Kalahari Cement to strategically leverage its resources to drive growth and strengthen the cement industry’s infrastructure through enhanced production capabilities and the creation of new opportunities for innovation and market expansion.
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“Our subsidiary Kalahari Cement is a committed and experienced strategic investor and will leverage its market positioning to provide capital and technical resources necessary to transform EAPC into one of Kenya’s leading Cement manufacturers by volume and profitability, as part of our corporate contribution to Kenya’s economic prosperity,” Mr Nahdi said.
He added: “As a long-term strategic investor, Kalahari Cement will assist EAPC to achieve its strategic objectives through a shared prosperity model with all stakeholders, from staff, trade partners and government of Kenya agencies. At Amsons Group, we do not intend to spare any resource, financial or otherwise, in our turnaround partnership with all EAPC Stakeholders.”
The shares acquired by Kalahari Cement represent a 29.2% stake in EAPC and will enable the firm, which is also associated with Mbeya Cement in Tanzania and Bamburi Cement Plc in Kenya, to help steer the future of the company.
The firm’s Notice of Intention to acquire the equity stakes was publicly published on July 31, and indicated that Kalahari would apply to the CMA for an exemption from the requirement to make a mandatory take-over offer to all shareholders in EAPC as part of the Proposed Acquisition (the Exemption Application).
Consequently, pursuant to Regulation 5 of the Capital Markets (Takeovers and Mergers) Regulations, 2002 (the Takeover Regulations), Kalahari submitted the Exemption Application to the CMA on 1st August 2025. On 5 August 2025, the CMA approved the Exemption Application pursuant to Regulation 5(1) of the Takeover Regulations.
The CMA further approved the Proposed Acquisition as a private transaction under the Capital Markets Act, CAP 485 and the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023.
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