Nairobi. The Kenyan parliament has directed East African Portland Cement (EAPC) to pursue a share buyback of a 29.2 percent stake owned by a Swiss multinational in what looks set to derail the sale of the shares to a Tanzanian tycoon.
The planned sale of the EAPC shares to Mr Edhah Abdallah Munif has raised concerns in Parliament over the discounted cost of the deal at half the cement maker’s stock price.
