Kenya's cabinet has approved a government proposal to offload the 25.3 per cent share it holds in Kenya-based cement manufacturer, East African Portland Cement Co.
This comes as part of a wider plan by the Kenyan government to offload shares in a number of state-owned companies. In November, the country’s President, William Ruto, announced plans to privatise 35 state-controlled companies after enacting legislation in October guiding this process.
However, this plan did run into issues in December of last year after an opposition party went to court to challenge it. The party claimed that some of the companies being sold were of strategic national interest and should only be privatised upon the approval of Kenya’s citizens.
In addition to the government’s stake in East African Portland Cement, 27 per cent is owned by the National Social Security Fund.
