Home General News Dangote travels to acquire Kenya cement firm.

Dangote travels to acquire Kenya cement firm.

Dangote Cement Plc, Africa’s biggest producer of cement, has stated interest in acquiring Kenyan ARM Cement Ltd.

Aliko Dangote, owner of Dangote Cement, said in an interview with Bloomberg said that the company is in discussions about a latent attainment of a company with operations in Kenya and Tanzania.

Though he didn’t identify the company, ARM has assets in both countries. ARM has been exploring a sale since at least October 2017.

The company, partly owned by CDC Group Plc, was placed in administration in August after refusing to find a strategic investor to help it manage debts of $141 million.

Dangote Cement first signed its interest in ARM last year and rehabilitated its attention after management of the company was handed over to PricewaterhouseCoopers LLP’s Kenyan unit.

ARM’s creditors in October accepted the sale of some assets to reduce debt.

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

Dangote Cement spokesman Carl Franklin failed to comment and PWC administrator George Weru said he couldn’t remark when contacted.

Arierhi Odjirighohttps://360aproko.com/
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