The assets of Kenya’s ARM Cement have been sold to the National Cement Company for $50 million (Sh5 billion), its administrator said on Tuesday. The transaction, which applies to ARM Cement’s Kenyan assets only, is subject to regulatory approvals, the statement from the administrator said. In October, the creditors of ARM Cement, once the country’s second-largest cement maker, approved the sale of a subsidiary or assets to reduce its debt. In December, Oman’s Raysut Cement said it planned to acquire ARM Cement as part of its expansion plans. A month earlier, Nigeria’s Dangote Cement was approached about a potential transaction by advisers to ARM Cement, a source with direct knowledge of the matter told Reuters at the time.

Source: The Star May 21, 2019 07:29 UTC