Regulatory gaps, discounts: Red flags mount over EAPC stake sale

East Africa Portland Cement. Tanzanian tycoon Edhah Abdallah Munif’s Kalahari Cement Ltd wants to acquire a 29.2 per cent stake in EAPC for Sh718.5 million. [File, Standard]

A parliamentary committee probing the proposed sale of a substantial stake in East Africa Portland Cement (EAPC) has uncovered alarming irregularities, primarily surrounding a massive share discount and critical regulatory omissions.

Among the troubling concerns unearthed by the National Assembly’s Committee on Trade, Industry, and Cooperatives is the glaring absence of approval from key government agencies.