May 20, 2020 / 4:57 AM / 14 days ago

China's Huaxin Cement buys Tanzania unit of Kenya's Arm Cement

NAIROBI, May 20 (Reuters) - The Tanzanian unit of Kenya’s ARM Cement has been sold to China’s Huaxin Cement company, its administrator PricewaterhouseCoopers and Huaxin said on Wednesday.

The two said in a joint statement Huaxin will inject $116 million into the unit, Maweni Limestone Limited, to settle liabilities, and another $30 million to complete plant construction and upgrade.

ARM Cement was put under administration in August 2018 by some of its creditors over a $190 million debt and its shares were suspended from the Nairobi bourse. It had debts with a range of creditors, including local commercial banks. (Reporting by George Obulutsa; Editing by Kim Coghill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below