ARM Cement Shares to Remain Suspended on Nairobi Bourse

China’s Huaxin Cement has bought the Tanzanian unit of Athi River Cement (ARM) Cement, Maweni Limestone Limited

ARM Cement Plant in Dar-Es-Salaam

Athi River Mining Cement PLC (NSE:ARM) trading of its shares on the Nairobi Securities Exchange (NSE) will remain suspended.

“The extension of suspension from trading the company’s shares will remain in force until further notice with effect from May 8, 2020,” said the NSE.

In a notice to shareholders and the public Friday, NSE says the move by the Capital Markets Authority (CMA) follows ARM Cement being placed in administration following the appointment of Joint Administrators by the Board of ARM  Cement to run its business in accordance with the Insolvency Act 2015 on August 17, 2018.

In 2019, National Cement Company Limited, a member of the Devki Group Of Companies entered into an agreement to acquire all cement and non-cement assets and business of ARM Cement PLC for KSh 5.0 Billion.

ARM Cement and its subsidiaries also have operations in Kenya, Tanzania and Rwanda.