Cement News tagged under: administration

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ARM Cement's Kenyan assets sold to National Cement

22 May 2019, Published under Cement News

The Kenyan assets of ARM Cement have been sold to National Cement Co for US$50m, according to a statement by its administrators. The transaction is subject to regulatory approvals. The company was placed under administration last year by some of its creditors over what has been reported to be a US$190m debt. The news follows PriceWaterhouseCoopers starting preparations to dispose of ARM’s stake in South Africa’s Mafikeng Cement for KES300m (US$2.974m) in early April.

ARM Cement placed under administration

20 August 2018, Published under Cement News

Kenyan cement producer ARM Cement Ltd has been placed under administration. Commercial banks took control of the cement producer in a bid to recover the KES15bn (US$14.9m) owed to them. Nigeria-headquartered UBA Bank was appointed joint administrators from PricewaterhouseCoopers (PwC) on Friday. Muniu Thoiti and George Weru of PwC took over the management of the cement maker on Friday. Mr Weru said the main task is to take control of the firm after which they will conduct an in-depth anal...

Venezuela government to centralise cement plant administration

22 August 2014, Published under Cement News

The Venezuelan government is currently looking at plans to unify the administration of the cement works owned by Corporación Socialista del Cemento (CSC). At present, while the cement works are subsidiaries of the CSC, they each have their own administration. CSC includes Venezolana de Cementos, Industria Venezolana de Cementos, Fábrica Nacional de Cementos and Cemento Andino. Three out of four cement companies have production issues, which is leading to cement shortages in the country.