The National Assembly’s Committee on Trade, Industry and Cooperatives has waded into the storm surrounding the proposed sale of a 29.2 percent stake in East African Portland Cement (EAPC) to Kalahari Cement Limited, warning that the deal risks handing control of a strategic national asset to private interests.
During a heated session in parliament MPs demanded answers from the EAPC Board, Treasury officials, the Attorney General’s Office, and the Competition Authority of Kenya on the controversy sounding the sale. Lawmakers Legislators decried lack of transparency, questioning why workers, management, and even the Attorney General had been sidelined in a transaction of such magnitude.
The proposed transfer, involving shares held by Holcim subsidiaries linked to Bamburi Cement, would cement Kalahari’s control of 41.7 percent of EAPC. Critics argue this would give a private player undue sway over a company that has long been considered vital to Kenya’s construction sector and industrial base.
The Attorney General’s Office admitted it was blindsided, having only learned of the transaction through a public advert a revelation that heightened suspicions of secrecy and disregard for legal procedure. MPs further tore into Treasury officials, accusing them of defending a private deal in which the State has no direct stake, while ignoring glaring concerns over valuation.
The sale price of Sh27.30 per share, barely half the Nairobi Securities Exchange’s market range of Sh58–64, drew sharp condemnation. Lawmakers insisted the undervaluation was a blatant attempt to hand over EAPC’s expansive land assets and strategic resources at a throwaway price.
“The committee’s responsibility is to defend the public interest. We cannot allow national assets to be sold off in darkness and at a loss to the people of Kenya,” Hon. Shinali declared.
The session ended with the committee demanding full disclosure of the sale’s legality, the valuation criteria, and its implications for public ownership. MPs warned that Parliament would not sit idle as private firms maneuver to dilute the State’s influence in key sectors of the economy.
