wealthy Tanzanian businessman, is accelerating its expansion, and the Kalahari Cement Company under his control issued a notice of intent on November 26, 2025. Seeking to acquire the 27% stake in East African Portland Cement (EAPC) held by Kenya's National Social Security Fund (NSSF). The move marks the group's second major acquisition in just a few weeks, aiming to gain absolute control of Kenya's leading cement maker.
The acquisition, if completed, would be a key step for the Muniff camp to consolidate its dominant position in the industry. Previously, Kalahari Cement Company has successfully acquired 29.2% of Holcim Group's shares and obtained a regulatory exemption from the tender offer. The company is now seeking a second waiver for the new deal on the grounds that both transactions are long-term strategic investments related to EAPC's turnaround, not short-term arbitrage.
The deal is subject to a number of conditions. Kalahari Cement has signed a share purchase agreement with NSSF on November 25, but the final completion still requires multiple regulatory approvals, including the approval of the Minister of Mining Cabinet for the change of control of the EAPC mining license and the re-exemption of the Capital Market Authority.
If all the shares of NSSF are successfully acquired, the total shareholding ratio of Munif's affiliated interests in EAPC will soar to 68.7%, thus achieving effective majority control. This means that the Munif Group will control two of the three largest cement manufacturers in Kenya (EAPC and Bamburi Cement) and occupy a pivotal position in the Kenyan cement market.
Kalahari Cement has reiterated that it has no intention to delist EAPC from the Nairobi Stock Exchange. The company said that maintaining the listing status of EAPC will help it to connect with capital market financing for a long time and maintain the transparency of corporate governance for all investors. This strategy aims to ensure that EAPC, as a public company, can achieve sustainable long-term growth.
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