Cement News tagged under: ARM Cement
Kenya: UltraTech in the race to buy stake in ARM?13 January 2016, Published under Cement NewsUltraTech Cement is said to be eyeing a controlling stake in ARM Cement of Kenya, a Nairobi-based newspaper reported. According to the report, the Indian cement producer UltraTech Cement is in the race to acquire a controlling stake in Nairobi Securities Exchange-listed ARM Cement, in which it could buy convertible preference shares of up to US$125m (KES12.7bn). ARM announced 23 December it is in talks with an unidentified institutional investor about a US$125m investment. |
ARM in talks with international institutional investor31 December 2015, Published under Cement NewsKenyan producer ARM Cement is in ongoing talks with a strategic investor to support its expansion plan. The investment will be in the form of preference shares which may be converted into an equity stake. “ARM Cement Ltd is currently in discussion with an international institutional investor who intends to make an investment of up to US$125m (KES12.7bn) equity investment in the company through convertible preference shares,” said the firm in a cautionary notice. Further details of the i... |
Kenya: ARM seeks KES10.7bn in private bond17 November 2015, Published under Cement NewsARM Cement is set to raise up to KES10.7bn (US$105m) in debt funding from private investors, to retire short-term debts, Kenya's Business Daily newspaper reported . The cement manufacturer is now raising the amount through a privately placed five-year bond whose offer opened on Thursday last week and runs until 2 December. “The proceeds from the five-year bond will be used to replace existing short term borrowings. There is no increase in total debt only refinancing existing short-term d... |
ARM swings to nine-month net loss, Kenya27 October 2015, Published under Cement NewsAthi River Mining (ARM) posted an after-tax loss of KES469m (US$4.6m) for the nine months to the end of September 2015, largely attributable to the depreciation in regional currencies against the dollar. The cement maker, which reported an after tax profit of KES1.1bn in the same period of 2014, said revenue for 9M15 rose seven per cent to KES11.7bn, thanks to increased cement sales in Kenya and in Tanzania. While the demand for cement grew more than 10 per cent during the period, "the sha... |
ARM expects new clinker line to boost margins14 September 2015, Published under Cement NewsKenya's ARM Cement expects profitability to improve now it produces its own clinker for its east African cement plants, its managing director told Reuters on Friday. The company posted a pretax loss of KES473.5m (US$4.5m) in the first six months, which the firm blamed on unrealised foreign exchange losses associated with borrowing for its new clinker plant. Managing director Pradeep Paunrana told Reuters that the new 1.2Mta clinker plant, which began production in April, was operating at a... |
Kenya: ARM Cement to recover from US$4.6m 1H15 loss31 July 2015, Published under Cement NewsKenya's ARM Cement stooped to a first-half pretax loss of KES473.52m (US$4.6m), the firm said on Thursday, but said it expected to improve its performance in the 2H15. "In spite of the recent currency depreciation and increase in interest rates, the fundamentals for continued economic and construction sector growth remain strong," the firm said. "The company expects to significantly improve performance in the second half of the year through cost efficiencies arising from self-sufficiency i... |
ARM Cement ratings affirmed, Kenya09 June 2015, Published under Cement NewsGlobal Credit Ratings has today affirmed the national scale ratings assigned to Kenyan cement producer ARM Cement Ltd of A(KE) and A1(KE) in the long term and short term respectively, with the outlook accorded as Stable. Summary rating rationale Global Credit Ratings (GCR) has accorded the above credit rating(s) to ARM Cement (ARM) based on the following key criteria: ARM is becoming an increasingly important player in the East African cement industry, with its market share having grown... |
Kenya cement prices seen rising on weak shilling09 June 2015, Published under Cement NewsCement prices in Kenya are likely to rise due to a weak shilling which manufacturers say has increased spending on imported equipment and inputs, local press report. Cliinker, coal and spare parts are the most affected due to high importation costs in the past two months. "In May alone we lost KES160m in foreign exchange loss during the purchase of equipment and inputs. We might adjust prices in June because we are losing a lot," National Cement managing director Narendra Raval told ... |
ARM posts flat full-year pretax profit26 March 2015, Published under Cement NewsKenya's ARM Cement posted a pretax profit of KES2.02bn (US$22m) for 2014, up one per cent YoY. The cement maker, which also has operations in Tanzania, said its revenue for the period fell three per cent to KES13.74bn, mainly because there was no additional capacity expansion during the period, the firm said. In a statement, the firm predicted that this year would be better, with growth in turnover and profit. "The cement markets continue to grow at double digits with significant demand f... |
ARM secures loan to finance expansion10 December 2014, Published under Cement NewsARM 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 als... |