Kenya’s Parliament has moved to stall plans by Tanzanian billionaire Edha Abdallah Munif to acquire a significant stake in the East African Portland Cement Company (EAPCC), raising concerns about foreign control of a key national asset.
Through his firm, Kalahari Cement, Munif had secured approval from the Capital Markets Authority (CMA) to buy 29.2% of EAPCC shares. The stake is currently held by UK-based Associated International Cement Ltd (14.6%) and Swiss-owned Cementia Holding AG (13.6%).
Lawmakers, however, argue that the deal undervalues the company and poses risks to Kenya’s strategic interests. Munif’s offer is priced at KSh 27.30 per share—less than half the Nairobi Securities Exchange (NSE) market price of KSh 58.50. Parliament has urged EAPCC to either consider a buyback or find alternative investors in order to protect shareholder value.
If the deal proceeds, Munif’s overall stake in the cement maker would rise to 41.75%, making him the single largest shareholder through his conglomerate, the Amsons Group.
Concerns have been raised that this would grant him overwhelming influence over EAPCC’s future direction. Currently, the other major shareholders include the Government of Kenya, which owns 25.3%, and the National Social Security Fund (NSSF), with 27%.
“Acquiring a 29.2% stake in EAPCC at a heavily discounted price risks placing a strategic asset under foreign control,” lawmakers warned, highlighting fears of monopolistic dominance in Kenya’s cement industry.
Analysts say such a shift in ownership could reshape the cement market, potentially undermining local shareholder interests and eroding wealth held in EAPCC stock at the NSE.
The move follows Munif’s growing presence in the regional cement sector, where his businesses have already expanded their footprint. Industry insiders believe the tussle over EAPCC will test Kenya’s ability to balance foreign investment with the protection of strategic national assets.
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