Members of Parliament in Kenya have taken decisive action to block a controversial off-market share sale that threatened to hand a dominant stake in the State-linked East African Portland Cement Company to a Tanzanian billionaire. Instead, the parliamentary committee recommended that EAPC undertake a buy-back of the shares, safeguarding national interests and ensuring the company remains under Kenyan control.

The proposed transaction involved the sale of a 29.2 percent stake to Kalahari Cement Ltd, owned by Tanzanian cement baron Edhah Abdallah Munif. Lawmakers raised concerns that the acquisition could dramatically alter the ownership structure and strategic direction of the company, prompting urgent intervention.

After a thorough review, the Departmental Committee on Trade, Industry and Cooperatives presented a report in the National Assembly detailing the risks of the proposed sale. Their findings strongly recommended that EAPC repurchase the shares, demonstrating a parliamentary commitment to protecting vital national assets and maintaining strategic control over key industries in Kenya.