Bid on cement firm stopped
East African Portland Cement Company chairman Mark ole Karbolo. PHOTO | FILE
What you need to know:
- n October last year, the Presidential Taskforce on Parastatal Reforms recommended that the State should invoke the Competition Act ,which the petitioner, Mr Charles Omanga, claims would dilute shareholding in the firm.
The High Court has stopped a decision by a presidential taskforce to alter the ownership of a cement factory.
Mr Justice George Odunga Thursday ordered that the East African Portland Cement Factory should not be considered yet as a state corporation with regards to shareholding.
“It is only just with respect to the factory that the recommendation of the taskforce should be stopped,” Mr Justice Odunga said.
In October last year, the Presidential Taskforce on Parastatal Reforms recommended that the State should invoke the Competition Act ,which the petitioner, Mr Charles Omanga, claims would dilute shareholding in the firm.
He added the government with 25.3 per cent shares has no power to change the firm’s structure and that its shareholding cannot be combined with that of NSSF.
The case will be heard on March 3.
