The board of the East African Portland Cement Company (EAPCC) has approved a Ksh25 billion ($250 million) recovery plan for the cash strapped cement maker, and are hoping to revive the company’s operations in three years.
The funds will be raised from the sale of non-core assets (land), the only revenue source, with financiers put off by the fact that Kenya Commercial Bank had attached a debenture to all the company’s assets in a demand for the repayment of an outstanding Ksh6 billion ($60 million) debt.
