Cofek warns that Kalahari Cement, though locally incorporated, acts as a proxy for its Tanzanian parent, enabling what it calls regulatory circumvention and anti-competitive consolidation.
“EAPC is a strategic national asset. Allowing it to be used as collateral to fix a failing investment elsewhere is not just bad business, it’s bad policy.”
Analysis of Munif’s recent corporate activities reveals a pattern consistent with debt-driven asset acquisition rather than organic growth investment.
Members of the parliamentary committee on trade, industry and cooperatives reckon that the firm acquiring the stake is eyeing EAPC assets, notably land that is valued in excess of Sh20 billion.
Through his investment vehicle Kalahari Cement, Munif is purchasing 26.32 million EAPC shares from Swiss multinational Holcim at Sh27.30 each – a staggering 74.5% discount to the market price of Sh47.65 per share.
