"Portland to spend Sh426 million on squatters eviction"

Loss-making East African Portland Cement Plc (EAPCC) plans to spend Sh425.87 million to evict squatters who occupy about a third of its vast 6,695 acres in Kikambala, Kilifi. The asset-rich firm has for decades been in dispute with squatters whom it claims have illegally occupied its land. “Management has used significant judgement and assumptions in determining the appropriateness of classification of the encroached land as investment property and in arriving at the cost of evicting squatters,” the cement maker says in latest filings to shareholders.

“Given the subjective nature of the estimates it is possible that outcomes that are different from the assumption could require a material adjustment to the carrying amount of the asset.”