August 18, 2018 / 8:31 AM / 5 months ago

Kenya's ARM Cement entered administration on Aug 17 - PWC statement

NAIROBI, Aug 18 (Reuters) - PricewaterhouseCoopers’ Muniu Thoiti and George Weru have been appointed as joint administrators of Kenya’s ARM Cement, PWC said in a statement on Saturday, days after ARM Cement’s chief executive officer said he was relinquishing his post but staying on its board.

PWC’s statement, published in local newspapers, said the administration, under Kenya’s Insolvency Act, was effective on Aug. 17.

“With their appointment, the Administrators shall now take control of the business assets and the management of the affairs of the company without any personal liability,” PWC said. (Reporting by George Obulutsa; Editing by Toby Chopra)

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