Tanzanian tycoon snaps up NSSF's stake in Portland for Sh1.6b
Business
By
Esther Dianah
| Nov 27, 2025
Tanzanian tycoon Edha Nahdi, through his company Kalahari Cement, has sealed a Sh1.6 billion purchase agreement to acquire a 27 per cent stake in the East African Portland Cement (EAPC) from the National Social Security Fund (NSSF).
Through a public notice on Wednesday, the locally incorporated investment firm revealed that it had entered into a share purchase agreement with NSSF.
This is further, in another strategic investment bid that will see the firm acquire Sh24.3 million in ordinary shares at Sh66 per share in the issued share capital of EAPC from NSSF, subject to regulatory approvals.
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Although the proposed transaction will see Kalahari Cement assume effective control of EAPC, the company has confirmed that it has no intention of making a takeover offer for the local cement manufacturing firm.
Kalahari Cement, a subsidiary of the pan-African Energy and manufacturing business conglomerate Amsons Group, recently acquired a 29.2 per cent stake in EAPC from Associated International Cement Ltd (AIC) and Cementia Holding AG.
Bamburi Cement also has links to Kalahari Cement and holds approximately 12.5 per cent of ordinary shares in EAPC.
While confirming the proposed transaction, Nahdi, who is Amsons Group Managing Director, said Kalahari does not intend to make a general offer to acquire all the voting shares in EAPC and will apply to the Capital Markets Authority (CMA) for an exemption from the requirement to make a takeover offer to all shareholders of the cement manufacturing firm.
“Kalahari does not intend to delist EAPC from the NSE after completion of the proposed transaction,” Nahdi said.
He added: “Kalahari, as a long-term strategic investor, is committed to assisting EAPC in achieving its strategic objectives whilst deepening the capital markets regime, which is vital for Kenya’s economic prosperity.”
The proposed transaction, Nahdi reiterated, is designed to build long-term value for EAPC by strengthening the firm’s infrastructure and providing access to additional resources.
“As a long-term strategic investor, Kalahari Cement will assist EAPC to achieve its strategic objectives through a shared prosperity model with all stakeholders, from staff, trade partners and government agencies of Kenya. At Amsons Group, we do not intend to spare any resource, financial or otherwise, in our turnaround partnership with all EAPC Stakeholders.”
Listed at the Nairobi Securities Exchange (NSE), EAPC owns an integrated cement plant located on the outskirts of Kenya’s capital, Nairobi. Its brands include Blue Triangle Cement, its longest-standing brand in the market, and Green Triangle Cement, an innovative product designed with less clinker and lower energy consumption.