EAPCC's plan to raise funds relies on court outcome

Kenya's East African Portland Cement Co (EAPCC) has announced that its plan to sell land to raise much-needed operational capital is dependent on the outcome of certain court cases.

"We have all our land titles intact in the bank. They are under lock and key and those claiming share of Portland land assets need to understand this," said Peter ole Nkeri, managing director, EAPCC.

The bailout plan was expected to raise KES15bn (US$149m), which would have enabled the company to pay its debts and invest in plant upgrades.