Tanzania’s Edhah Munif buys $5.56m stake in Kenya’s EAPC

Tanzanian billionaire Edhah Abdallah Munif has bolstered his dominance in East Africa’s cement industry by acquiring a 29.2% stake in East African Portland Cement (EAPC) for $5.56 million (KSh718.5 million) through his Nairobi-based firm, Kalahari Cement.

The deal, announced today, involves purchasing shares from Swiss multinational Holcim, which is divesting from African markets. Pending approval from Kenya’s Capital Markets Authority, Munif will become EAPC’s largest shareholder, holding a 41.7% stake.

Holcim’s subsidiaries, Associated International Cement Ltd and Cementia Holding AG, are each selling a 14.6% stake at KSh27.3 per share, a 42% discount from EAPC’s current Nairobi Securities Exchange price of KSh47.5.

EAPC, one of Kenya’s oldest cement manufacturers, operates in Uganda and owns a 909-acre property in Athi River but has faced challenges from mismanagement, KSh6 billion in debts, and arrears to workers and suppliers. The Kenyan government and National Social Security Fund hold 25.3% and 27% stakes, respectively.

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This acquisition follows Munif’s Amsons Group’s $182 million purchase of a 96.5% stake in Bamburi Cement from Holcim in late 2024. With Bamburi already owning a 12.5% stake in EAPC, Munif now wields significant influence over two of Kenya’s largest cement producers.

Amsons Group aims to lead East Africa’s cement market by cutting costs, enhancing efficiency, and countering Chinese competition. In a March interview with The Africa Report, Amsons’ CEO Edha Nahdi hinted at further expansion into Uganda, stating, “Everything is on the table.”