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MPs have moved to block the controversial off-market share sale that would have handed a Tanzanian billionaire a dominant stake in the State-linked East African Portland Cement Company Plc (EAPC), instead recommending that the company buy back the shares to safeguard national interests.
The Departmental Committee on Trade, Industry and Cooperatives, in a report tabled in the National Assembly, presented a damning assessment of the proposed sale of a 29.2 per cent stake in EAPC to Kalahari Cement Ltd, owned by Tanzanian cement baron Edhah Abdallah Munif.
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