National Cement Company Limited, a member of the Devki Group of Companies has taken over all cement and non-cement assets and business of ARM Cement PLC for KSh 5.0 Billion.
ARM Cement was placed under administration in August 2018 over Ksh19.3 billion debt.
“We are happy to inform you today that we have been able to complete the ARM acquisition and cleared all the transaction cost amounting to Sh5 billion to the PriceWaterhouseCoopers (PwC),” Devki Group chairman, Nerandra Raval.
The firm said 1,100 employees of ARM Cement will be retained by the new operator, National Cement Company.
In October 2018, Creditors of the indebted ARM Cement approved the sale of one of its subsidiaries to reduce its debt. 102 creditors, collectively owed KSh9.6 billion approved the proposal with two creditors, together owed Ksh 87,000 rejecting.