Athi River Mining Limited is planning to raise KES1.2bn (US$15m) in the second quarter of the year to help fund its expansion plans.
Sources familiar with the deal told the Business Daily that ARM has invited a select group of advisors- among them investment banks and corporate lawyers to guide it through the bond issuance process—set for between April and June this year.
ARM’s managing director, Mr Pradeep Paunrana, confirmed that the firm is turning to the bond market, but added that the plan is still at its initial stage.
“We are looking at April but I can’t comment further,” said Mr Paunrana.
This will be the second time that the firm will be issuing a public bond after its five-year KES800m in 2005.