ARM CEMENT EXPECTED TO SELL SHARES IN MAFIKENG CEMENT

ARM Cement is expected to sell its 70% stake in South African subsidiary Mafikeng Cement (Pty) Ltd. PriceWaterhouseCoopers, which is administering ARM Cement, has started preparations to dispose of the stake in Mafikeng Cement for KES300m (US$2.974m).

The Mafikeng plant was to be established with a cement capacity of 1Mta and ARM Cement invested KES75m in the company to buy a controlling stake in 2010. The project includes mining rights to limestone reserves in the northwest of South Africa.

Meanwhile, minority shareholders in Mafikeng Cement have filed a court application in South Africa, which if successful would see them able to buy out ARM’s shares for a nominal price of KES7/share.https://www.cemnet.com/News/story/166325/arm-cement-expected-to-sell-shares-in-mafikeng-cement.html