Portland Cement seeks Sh2b to fund staff layoffs as it rolls out recovery plan

East Africa Portland Cement factory Athi River. PHOTO. WILBERFORCE OKWIRI

State cement maker East African Portland Cement Company is seeking to raise Sh2 billion to fund staff layoffs that will see hundreds of the firm’s employees sent home.

This follows a year-long turnaround process the company’s management hopes will reverse the fortunes of the ailing firm. “We spend up to 30 per cent of our revenues on staff costs and this is not sustainable, so we are looking at raising between Sh500 million and Sh2 billion for a voluntary retirement process,” explained EAPCC Managing Director Mr Simon Ole Nkeri.