@StandardMedia

Dangote Cement approached about Kenya's ARM Cement

6 days ago, 09:55

By: Reuters

 

ABUJA - Dangote Cement has been approached about a potential transaction by advisers to debt-laden ARM Cement, which went into administration in August, a source with direct knowledge of the matter told Reuters.

ARM Cement, once Kenya’s second-largest cement maker, owes about $190 million to a range of creditors, including local commercial banks. ARM’s creditors in October approved the sale of some assets to cut debt.

The creditors did not identify which subsidiary or assets would be sold, or the possible value of a sale, under a rescue plan designed to keep the company operational.

Dangote Cement has not conducted due diligence on ARM Cement, the source said.

Dangote Cement, which is owned by Africa’s richest man Aliko Dangote and operates in 10 African countries, has been expanding across the continent in recent years.

The company has about a 45 percent market share in sub-Sahara Africa with an annual production capacity of around 45 million tonnes. Dangote Cement has been seeking to double that capacity.


Read More


Category: business news

Suggested

21 minutes
@TheStar - By: Cynthia Ilako @la ...
High commodity prices feared as Shilling slides against dollar

Prices of basic commodities are likely to shoot further as the shilling continues to plummet against the dollar. The shilling hit a high of Sh104.08 against the dollar at 10.40am yesterday, before the ...

Category: business news
2 hours ago, 20:54
@BusinessDaily - By: Nasibo Kabale
Miraa, mursik blamed for cancer cases

Taking hot tea while chewing miraa and frequent drinking of mursik (fermented milk) are the leading causes of cancer of the oesophagus or food pipe in Northern Kenya and Rift Valley respectively. ...

Category: business news lifestyle corporate
2 hours ago, 20:54
@BusinessDaily - By: John Mutua
KBL turns to Kakamega for more sorghum supply

Beer maker Kenya Breweries Limited is targeting farmers in Kakamega County as it seeks to increase local sorghum supply for its Sh15 billion Kisumu brewery. ...

Category: business news
2 hours ago, 21:39
@BusinessDaily - By: Annie Njanja
Safaricom eases Lipa na M-Pesa transactions

Safaricom has upgraded its Lipa na M-Pesa system to enable customers make faster and private cashless payments at more than 2,500 sales points. ...

Category: business opinion news markets
2 hours ago, 20:54
@BusinessDaily - By: Joseph Wangui
Timothy Njoya wants ‘step-mother’ evicted from 4-acre family

Retired PCEA cleric Timothy Njoya has filed evidence in a Nyeri court showing why a woman who claims to be his step-mother should be evicted from a four-acre parcel of land owned by his late father. ...

Category: business news
7 hours ago, 16:17
@BusinessDaily - By: Charles Gacheru
The shame that’s Captain, Chairman's prize events

At the end of every year, golf clubs across the country, perhaps the world, stage their Chairman’s and Captain’s Prizes. ...

Category: business opinion news

@StandardMedia

Dangote Cement approached about Kenya's ARM Cement

6 days ago, 09:55

By: Reuters

 

ABUJA - Dangote Cement has been approached about a potential transaction by advisers to debt-laden ARM Cement, which went into administration in August, a source with direct knowledge of the matter told Reuters.

ARM Cement, once Kenya’s second-largest cement maker, owes about $190 million to a range of creditors, including local commercial banks. ARM’s creditors in October approved the sale of some assets to cut debt.

The creditors did not identify which subsidiary or assets would be sold, or the possible value of a sale, under a rescue plan designed to keep the company operational.

Dangote Cement has not conducted due diligence on ARM Cement, the source said.

Dangote Cement, which is owned by Africa’s richest man Aliko Dangote and operates in 10 African countries, has been expanding across the continent in recent years.

The company has about a 45 percent market share in sub-Sahara Africa with an annual production capacity of around 45 million tonnes. Dangote Cement has been seeking to double that capacity.


Read More

Category: business news

Suggested

21 minutes
@TheStar - By: Cynthia Ilako @la ...
High commodity prices feared as Shilling slides against dollar

Prices of basic commodities are likely to shoot further as the shilling continues to plummet against the dollar. The shilling hit a high of Sh104.08 against the dollar at 10.40am yesterday, before the ...

Category: business news
2 hours ago, 20:54
@BusinessDaily - By: Nasibo Kabale
Miraa, mursik blamed for cancer cases

Taking hot tea while chewing miraa and frequent drinking of mursik (fermented milk) are the leading causes of cancer of the oesophagus or food pipe in Northern Kenya and Rift Valley respectively. ...

Category: business news lifestyle corporate
2 hours ago, 20:54
@BusinessDaily - By: John Mutua
KBL turns to Kakamega for more sorghum supply

Beer maker Kenya Breweries Limited is targeting farmers in Kakamega County as it seeks to increase local sorghum supply for its Sh15 billion Kisumu brewery. ...

Category: business news
2 hours ago, 21:39
@BusinessDaily - By: Annie Njanja
Safaricom eases Lipa na M-Pesa transactions

Safaricom has upgraded its Lipa na M-Pesa system to enable customers make faster and private cashless payments at more than 2,500 sales points. ...

Category: business opinion news markets
2 hours ago, 20:54
@BusinessDaily - By: Joseph Wangui
Timothy Njoya wants ‘step-mother’ evicted from 4-acre family

Retired PCEA cleric Timothy Njoya has filed evidence in a Nyeri court showing why a woman who claims to be his step-mother should be evicted from a four-acre parcel of land owned by his late father. ...

Category: business news
7 hours ago, 16:17
@BusinessDaily - By: Charles Gacheru
The shame that’s Captain, Chairman's prize events

At the end of every year, golf clubs across the country, perhaps the world, stage their Chairman’s and Captain’s Prizes. ...

Category: business opinion news
Our App