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.
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