East Africa Portland Cement to convert Yen loans

Byswb

Updated Thu, 24 Feb 2011 00:00:00 GMT

East African Portland Cement Co. plans to convert its yen-denominated loans into other currencies, Business Daily reported, citing Managing Director Kephar Tande.

A currency swap is expected to be completed by mid-March, the Nairobi-based newspaper said. PricewaterhouseCoopers LLP was appointed to advise the company on the conversion, it said.

East African has 3 billion shillings ($36.6 million) to settle after it took a 1.7 billion-shilling loan in 1990, the newspaper said.