Athi River Mining (ARM) will exit all its non-cement manufacturing business by the end of this year. The firm said it had already identified a strategic investor to take up its fertiliser business – Mavuno Fertilisers – by the third quarter of this year. The revelation was made as ARM announced an after-tax loss of Sh2.8 billion in the financial year ending December 2016 against a Sh2.9 billion loss in 2015. In audited results contained in the statement, ARM also registered a drop in revenue, raking in Sh13.8 billion in 2016 compared to Sh14.7 billion recorded in 2015. “The Tanzania business environment continued to worsen during the year.

Source: Standard Digital May 02, 2017 14:37 UTC