The $5.6 million (around Sh718 million) deal, initiated in July, involved the purchase of 26.3 million shares from Associated International Cement Limited (AIC) and Cementia Holding AG at Sh27.30 per share. The move positions Amsons among EAPC’s largest shareholders, enhancing its influence in Kenya’s expanding cement market.
Amsons Group Managing Director Edha Nahdi described the acquisition as a “strategic investment” aimed at boosting EAPC’s production capacity, profitability, and innovation potential. He noted that the group plans to deploy both capital and technical expertise to strengthen EAPC’s market presence and elevate it among Kenya’s top cement producers.
“This investment will enable Kalahari Cement to leverage its resources to drive growth and create new opportunities for expansion in the sector,” Nahdi said.
The transaction received approval from Kenya’s Capital Markets Authority (CMA) under the country’s Capital Markets Act and associated regulations. However, the deal has raised concerns among market watchers and lawmakers, who point out that EAPC shares were sold below market value. On the day of the transaction, EAPC traded at Sh60.50 per share, more than double the price paid by Kalahari Cement.
Marianne Kitany, Vice Chairman of the Trade, Industry and Cooperatives Committee, has called on the CMA and the National Treasury to provide clarity, describing the sale as a “clear undervaluation.”
EAPC’s existing major shareholders include the National Social Security Fund (27%), National Treasury (25.3%), and Bamburi Cement Plc (12.5%).
With this latest acquisition, Amsons Group has not only strengthened its foothold in Kenya but also sent a clear signal of its growing ambition to rival Nigeria’s Dangote Cement in the East African region.