Members of Parliament (MPs) in Kenya have moved to decisively block a controversial off-market share sale that threatened to hand a significant, dominant stake in the State-linked East African Portland Cement Company Plc (EAPC) to a Tanzanian billionaire. Instead of allowing the sale to proceed, the parliamentary committee has recommended that EAPC itself undertake a buy-back of the shares. This measure is proposed as a critical step to safeguard national interests and ensure the company remains firmly under national control.

The proposed transaction, which has drawn considerable scrutiny and opposition, involved the sale of a substantial 29.2 percent stake in EAPC to Kalahari Cement Ltd. This company is owned by Tanzanian cement baron Edhah Abdallah Munif. The potential acquisition by Kalahari Cement Ltd was viewed as a move that could significantly alter the ownership structure and strategic direction of the East African Portland Cement Company, hence the urgent intervention by legislators.

The Departmental Committee on Trade, Industry and Cooperatives, after a thorough review, tabled a report in the National Assembly presenting a damning assessment of the proposed share sale. Their findings underscored the risks associated with the transaction, leading to the strong recommendation for EAPC to repurchase the shares. This parliamentary action highlights a commitment to protecting key national assets and maintaining strategic control over vital industries within Kenya.