Cement manufacturer East African Portland Cement (EAPCC) is set to retrench more than two thirds of its staff in a restructuring plan which will cost the State-owned company about Sh2 billion. Portland reported an operational loss of Sh1.6 billion for the year ended June with staff costs representing 31 per cent of its revenue at Sh2.7 billion. The government holds a 25.3 per cent stake in Portland while the National Social Security Fund has 27 per cent. LafargeHolcim, which also has a stake in Portland’s rival Bamburi Cement, owns a 41.7 per cent stake. Mr Lay said the company plans to close its factory in March next year to allow it refurbish its kiln in an attempt to increase its capacity.

Source: Daily Nation November 17, 2016 19:05 UTC