Deals
ARM Cement Seeks Investor to Revive Firm, Administrator Says
- Kenyan company may sell part or even all of business
- Cement maker owes creditors more than $124 million: PwC
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ARM Cement Ltd. may dispose of some subsidiaries and assets to raise funds as administrators working with the embattled Kenyan company seek to cut debt.
The cement maker, part owned by CDC Group Plc, was placed in administration in August after a search for a strategic investor failed to bear fruit. The company owes creditors more than 12.5 billion shillings ($124 million), and defaulted on a coupon payment for a $10.3 million loan.