The Public Investment Committee on Commercial Affairs and Energy in a report dated December 6, called for the cancellation of the sale of a 337-acre land belonging to East Africa Portland Cement (EAPC). Investigations revealed that in 2012, EAPC entered into an agreement with a real estate company to sell the 337-acre piece of land at Ksh2.2 million per acre. After the disagreement, the real estate company revised its offer once again and reduced the acreage to be purchased from 337 acres to 87 acres. In the never-ending battle, the real estate on June 5, 2023, rescinded the sale agreement dated April 14, 2022, sending the case back to court. “The Committee recommends that EAPC PLC register the consent in court for the cancellation of the sale agreement between EAPC PLC and the real estate company,” it was ordered.

Source: Daily Nation December 11, 2023 13:46 UTC