Portland, 52 percent owned by the state, was found technically insolvent in a November report by Kenya's auditor-general, because its liabilities outstripped assets. But board chairman Bill Lay told Reuters that Portland owned 15,000 acres of land near the capital Nairobi and said it was worth more than the Sh10 billion needed to finance a turnaround for the company. Portland owes 6 billion shillings to local banks, as well as other debts that include a yen-denominated loan. If land selling did not proceed, Portland could bring in a strategic investor to inject the required funds, Lay added. Portland competes with Bamburi Cement, ARM Cement and three other firms.

Source: Standard Digital November 24, 2016 07:31 UTC