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Gov’t Seeking Private Investor to Revive East Africa Portland Company

Peter Musila 2 years ago
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The government seeks to revive the troubled East Africa Portland Company (EAPCC). The cement industry recorded a drop in 2018, from 5.78 million tonnes recorded at 5.49 million tonnes.

The government is, therefore, looking for a private investor to assist in reviving the company.

Mr. Munya has also cited the need for the government to review the firm’s management as it has contributed to the downfall of the cement manufacturer.

The troubled manufacturer has further indicated that the year 2019 they might record a 25 percent less profit as compared to the same year in 2018.

“The first half of the year reflected a difficult business environment on the backdrop of increased input prices, a sluggish market as well as production challenges arising from a tight EAPC working capital position,” said the company.

According to the company, high costs of input, sluggish markets, and production difficulties have been the key factors that have led to its crumble.

Recently, the company laid off over 620 workers who haven’t been paid their dues amounting to over Sh1.5 billion, and with a debt of KSH10.8 billion.

Source: https://www.nation.co.ke/business/Cement-uptake-down-for-second-year-in-a-row/996-5022314-14lpl41z/index.html

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