According to a report by Reuters, Kenya's ARM Cement has announced that it is seeking up to US$90 million via a privately placed five-year bond to retire more expensive short-term debt. The company witnessed its market share in Tanzania and Kenya growing to 20% from 15% in five years.
ARM Cement reported a pretax loss in the nine months to 30 September due to foreign exchange losses associated with its borrowings, including for a new clinker plant that is now boosting margins.
CEO of the company Pradeep Paunrana commented that his firm planned to raise US$75 million via a five-year bond, with an option to add US$15 million if the issue was oversubscribed.
Read the article online at: https://www.worldcement.com/africa-middle-east/18112015/kenya-arm-cement-seeks-million-21/