East African Portland Cement sacks 1,000 workers
Cement manufacturer East African Portland Cement (EAPCC) is set to retrench more than two-thirds of its staff in a restructuring plan.
The company, listed on the Nairobi Securities Exchange, has been ruled technically insolvent by the country's Auditor General. It plans to lay off over 1,000 employees, reducing its staff count to 500.
The loss-making company has offered the government 2,000 acres of its idle land to be used to turnaround its fortunes including paying for the voluntary retirement programme.
The company owns more than 14,000 acres of land, which has attracted the attention of the government which has plans to build industrial parks and extend the Export Processing Zone.