May 21, 2019 / 6:35 AM / a month ago

ARM Cement's Kenyan assets sold for $50 million -statement

NAIROBI, May 21 (Reuters) - The assets of Kenya’s ARM Cement have been sold to the National Cement Company for $50 million, its administrator said on Tuesday.

ARM Cement was put under administration last August by some of its creditors over a $190 million debt and its shares were suspended from the Nairobi bourse. It has debts with a range of creditors including local commercial banks.

The transaction, which applies to ARM Cement’s Kenyan assets only, is subject to regulatory approvals, the statement from the administrator said. (Reporting by Duncan Miriri; writing by George Obulutsa; editing by Jason Neely)

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