ARM Cement’s Bailout Bid Receives 25 Offers
Several companies have shown interest in acquiring debt- laden Athi River Mining Company.
According to the firm’s administrators, PricewaterhouseCoopers, 23 companies signed non-disclosure agreements giving them access to additional information on the cement manufacturer. Further to that, 14 companies issued non-binding offers to buy the firm.
ARM, which has presence in Kenya, Tanzania and Rwanda, was put under administration in August 2018 after it failed to raise money to pay its creditors.
The company’s stocks were suspended from trading at the NSE in the same month. The shares will remain off the market until August 2019 going by the Capital Markets Authority’s order issued on 13 February.
The shortlisted bidders have been touring the company’s facilities and interviewing its management team.
PwC did not disclose the list of potential buyers but Dangote Cement and Oman’s Raysut have previously expressed interest in ARM. It indicated that interested buyers have until 28 February to submit their binding offers.