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News ARM Cement settles Maweni Limestone's debts

ARM Cement settles Maweni Limestone's debts

Written by Global Cement staff 08 June 2022
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Tanzania: ARM Cement has repaid all creditors of Tanzanian subsidiary Maweni Limestone to which it owed money. The East African newspaper has reported that the group used the proceeds from its sale of Maweni Limestone to Huaxin Cement for US$102m to pay off the debts. It paid US$74.4m to creditors and US$4.6m to the Tanzanian tax authorities.

In its native Kenya, ARM Cement sold its assets to National Cement Company (NCC) for US$42.7m. It has paid secured creditors there US$42.6m of a total US$68.7m due. It also owed unsecured creditors US$98.4m.

Published in Global Cement News
Tagged under
  • Tanzania
  • ARM Cement
  • Maweni Limestone
  • Debts
  • GCW560
  • Huaxin Cement
  • Government
  • Tax
  • Kenya
  • National Cement
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