'Not for sale': Why MPs slammed brakes on Tanzanian billionaire's cement empire

MPs have moved to block the controversial off-market share sale that would have handed a Tanzanian billionaire a dominant stake in the State-linked East African Portland Cement Company Plc (EAPC), instead recommending that the company buy back the shares to safeguard national interests.

The Departmental Committee on Trade, Industry and Cooperatives, in a report tabled in the National Assembly, presented a damning assessment of the proposed sale of a 29.2 per cent stake in EAPC to Kalahari Cement Ltd, owned by Tanzanian cement baron Edhah Abdallah Munif. 

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`;
} else {
teaserEl.innerHTML = “”;
}

activeEl.innerHTML = “”;
paywallEl.style.display = “block”;

} else if (now >= saleStart && now <= saleEnd) {
paywallEl.style.display = “none”;

var diffToEnd = saleEnd – now;
var totalSeconds = Math.floor(diffToEnd / 1000);
var days = Math.floor(totalSeconds / (24 * 3600));
var hours = Math.floor((totalSeconds % (24 * 3600)) / 3600);
var minutes = Math.floor((totalSeconds % 3600) / 60);
var seconds = totalSeconds % 60;

activeEl.innerHTML = `

Offer ends in…

${days}Days
${String(hours).padStart(2,’0′)}Hours
${String(minutes).padStart(2,’0′)}Minutes
${String(seconds).padStart(2,’0′)}Seconds

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`;
} else {
teaserEl.innerHTML = “”;
activeEl.innerHTML = “”;
paywallEl.style.display = “block”;
}
}

function formatTime(ms) {
let totalSeconds = Math.floor(ms / 1000);
const days = Math.floor(totalSeconds / (3600 * 24));
totalSeconds %= 3600 * 24;
const hours = Math.floor(totalSeconds / 3600);
totalSeconds %= 3600;
const minutes = Math.floor(totalSeconds / 60);
const seconds = totalSeconds % 60;
return `${days}d ${hours}h ${minutes}m ${seconds}s`;
}

updateFlashSale();
setInterval(updateFlashSale, 1000);

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MPs have moved to block the controversial off-market share sale that would have handed a Tanzanian billionaire a dominant stake in the State-linked East African Portland Cement Company Plc (EAPC), instead recommending that the company buy back the shares to safeguard national interests.

Follow The Standard
channel
on WhatsApp