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East African Portland Cement Company (EAPCC) has agreed to sell its land in Athi River to thousands of squatters after entering into a deal with them.

The parcel of land measuring 1,331 acres has a market value of Sh20 million per acre but will be sold at Sh6.25 million due to lobbying and negotiations by squatters’ leaders and Ukambani leaders.

Squatters settled on the land in 2010 after EAPCC announced its intention to sell it but latter revoked the notice will. The squatters will now pay for the plots within three years and thereafter get a title deed.

Commitment fee

They even approached an investor who bailed them out by depositing Sh1 billion to EAPCC as commitment fee.

“We are looking forward to engaging Portland Cement leadership so that we renegotiate the payment period. All members living here are committed to pay the required amount,” Joyce Mweni said yesterday.

This is the second piece of land the struggling cement maker is surrendering within a period of two years having transferred another 741 acres to Kenya Commercial Bank.

The land parcel was used as a loan collateral the cement maker owed the lender. The Sh6.6 billion loan has been accruing 600 million interest annually.

Currently, negotiations between KCB agents and squatters is on how to legally settle the squarters residing on the land.