ARM Cement Up For Sale And Delisting

Athi River Mining Cement PLC is under liquidation after two years of being in administration. The company’s administrators have now been appointed as liquidators.

The company was placed under administration in August 2018. Its shares are currently suspended from the Nairobi Securities Exchange (NSE). They last traded at 5.5 shillings (82.8%) below the lowest stock option exercise price of 32 shillings.

“Following the successful completion of the sale of the business and assets of ARM Cement Plc and sale of its significant subsidiary, Maweni Limestone Ltd, the company transitioned from administration to liquidation,” said the administrators.

The liquidators will soon invite expression of interest (EoI) from prospective bidders for the sale of the cement company.

“In line with the proposals approved by the creditors of the company at the first meeting of creditors, the former joint administrator Messrs Muniu Thoithi and George Weru of PricewaterhouseCoopers became the joint administrators of the company,” said the notice.

Read More: ARM Cement To Be Sold at 5 Billion Shillings