Portland Cement to send home 1,000 workers in restructuring

[RVtitem]

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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.
The Nairobi Securities Exchange-listed firm, which was has been ruled technically insolvent by the auditor general, says it will 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 for Sh10 billion to be used to turnaround its fortunes including paying for the voluntary retirement programme.

http://www.nation.co.ke/business/Portland-Cement-to-send-home-1000-workers/996-3456332-ahry44z/index.html

[Globalcitizen12]

It is hard to believe they cannot make money with all infrastructure work going on or is China sourcing cement from China or Pakistan