Browsing: Devki Group

ARM Cement has signed a USD50 million (Ksh5.1 billion) deal for the transfer of its business to Devki group’ National Cement Company Limited.

The deal involved acquisition of all cement and non-cement assets and business of ARM Cement PLC in Kenya.

ARM Cement and its subsidiaries currently have operations in Kenya, Tanzania and Rwanda. The Company also has some interests, in the form of unexploited mineral deposits, in South Africa.

The principal activities of the company and its subsidiaries are the manufacture and distribution of cement, mining and processing of industrial minerals and chemicals, trading in other building products and the sale of fertilizers.

Listed on the Nairobi Securities Exchange (NSE), ARM Cement was placed under administration last year (August 17) after it failed to meet its creditor obligations.

The cement manufacturer owes its creditors, whom include local banks, about USD190 million.

Failure to meet its debt obligations has now …