ARM secures loan to finance expansion

ARM secures loan to finance expansion
Published: 10 December 2014

Tagged Under: ARM Cement Kenya Project Finance 

ARM Cement has secured a KES4.5bn (US$50m) loan from CFC Stanbic Bank to finance its expansion plans.

“The credit adds to our existing facilities and will be used in current and new projects,” said ARM’s chief executive Pradeep Paunrana told Business Daily in an interview on Tuesday.

ARM Cement opened its new 1.2Mta clinker plant in Maweni, Tanga, in November 2014, involving an investment of US$150m. It expects to complete a grinding plant in the same location next year.

ARM will also expand capacity of its grinding plant in Rwanda to 2000tpd and has announce plans to build a 2.5Mta cement plant in Kitui.