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| Loss-making Cement Company(EAPCC) lay off 700 workers. PHOTO | CAPITAL FM |
A cement company in Nairobi has set to lay-off half of its employees in the restructuring process. According to the reports given by the management of the company, the directors agreed to lay-off 700 workers to make the company stable.
Loss-making cement manufacturer East African Portland Cement (EAPCC) is set to lay off all its employees in a restructuring plan expected to save the company from further losses.
In a memo seen by Capital Business on Thursday, the firm’s CEO Stephen Nthei says all positions in the company have been declared redundant and will affect both ionizable and non-ionizable workers in the company.
The company share index declined by 5 per cent in the Nairobi stock forex exchange and market. The decision of laying-off workers and sell some assets will get back the company financial muscles.