August 29, 2018 / 2:27 PM / 10 months ago

Trading suspension in Kenya's ARM Cement extended

NAIROBI, Aug 29 (Reuters) - The Nairobi Securities Exchange (NSE) said on Wednesday it would extend the suspension of trading in ARM Cement until late September, after the firm was put in administration on Aug. 17.

ARM Cement, once Kenya’s second-largest cement maker, saw its market share plunge after a clinker plant it built in Tanzania in 2014 failed to generate income. It posted a loss before tax of 7.52 billion shillings ($75 million) in 2017.

“The extension of suspension was issued by the Capital Markets Authority (CMA),” the exchange said in a statement, adding that the suspension would last for 21 working days starting from Aug. 30.

Muniu Thoiti and George Weru of PricewaterhouseCoopers have been appointed as joint administrators.

ARM officials could not immediately be reached for comment.

$1 = 100.6000 Kenyan shillings Reporting by Omar Mohammed Editing by Edmund Blair

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