May 20, 2020 / 4:57 AM / 4 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)

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