ARM Cement expects agreement on US$140 million investment
Published by Joseph Green,
Editor
World Cement,
According to the latest Bloomberg report, ARM Cement expects to conclude talks on a foreign investor taking a US$140 million stake in the company by 15 April.
The investment is expected to be concluded by June. ARM first announced talks about the potential investor in December, when it said it was seeking a US$125 million cash injection.
ARM, Kenya’s has faced “liquidity challenges” that cast doubt on whether it’s able to meet obligations on its commercial-paper programs. In January, the company said the foreign investment would be by way of seven-year convertible preference shares which, on conversion to equity in the company, wouldn’t be expected to reach the threshold requiring a mandatory takeover bid.
The company will use at least US$110 million of the funds to repay debt and the balance to fund “existing and new cement businesses”.
Edited from source by Joseph Green. Source: Bloomberg
Read the article online at: https://www.worldcement.com/africa-middle-east/01042016/arm-cement-agreement-million-investment-807/
You might also like
The World Cement Podcast
In this special joint episode of the World Cement Podcast, and Cementing Europe’s future, the podcast of CEMBUREAU, David Bizley and Koen Coppenholle take a deep dive into the Clean Industrial Deal and a discussion of what it means for the European cement industry.
Listen for free today at www.worldcement.com/podcasts or subscribe and review on your favourite podcast app.
Heidelberg Materials unveils CCS facility in Norway
Festive opening of Brevik CCS in Norway, the world’s first industrial-scale carbon, capture, and storage (CCS) facility in the cement industry.
