Cement firm gives squatters three months to buy Mavoko land

People occupying the land would be required to pay Sh600,000 for a plot. [Paul Wafula, Standard]

The land that EAPCC is seeking to dispose measures about 700 acres. The firm said a third of its land is occupied by squatters and it has been exploring ways of reclaiming it.

"Approximately 30 per cent of the investment properties are currently occupied by squatters. The company continues to pursue several avenues to reclaim the occupied properties."

It is estimated that the cost of evicting the squatters would be about Sh425.9 million.

Other than the disposal, the company recently lost some land in the area, surrendering two parcels to one of its lenders after it defaulted on a loan.

EAPCC in its latest report to shareholders said it surrendered some of its land to KCB Bank after it failed to keep up with repayments for the loan.

The Sh3.3 billion debt had grown to Sh6.6 billion and KCB recalled the debt after the default.

"The company transferred LR 8786 to KCB for purposes of debt settlement, yielding a reduction of Sh4.85 billion," said EAPCC in its annual report for the year to June 2021.

"The company is at the tail end of conclusion of transfer of LR 8784/146 to KCB for settlement of the outstanding debt."