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News ARM Cement looking for buyer of Kigali Cement plant

ARM Cement looking for buyer of Kigali Cement plant

Written by Global Cement staff 24 September 2018
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Rwanda: Kenya’s ARM Cement is set to auction off its Kigali Cement plant in Nyarugenge District for a second time, following a first attempt. The company forced a legal postponement to the first auction when offers for the unit failed to reach a level it deemed acceptable, according to the New Times newspaper. The only bid it received was for US$113,000 a figure significantly short of the estimate US$1.4m market value of the plant. Kigali Cement operates a 0.1Mt/yr plant.

Kigali Cement plant is being sold in order to pay its creditor, Rwanda Enterprise Investment Company (REIC) in a long running dispute between the companies. ARM Cement owns Kigali Cement but REIC has held shares in it since 2008. ARM Cement acquired a stake in Kigali Cement in 2010 and later took over the management of the company in 2014. Meanwhile, ARM Cement entered administration at home in Kenya in late August 2018.

Last modified on 26 September 2018
Published in Global Cement News
Tagged under
  • Rwanda
  • ARM Cement
  • Kigali Cement
  • grinding plant
  • Sale
  • auction
  • Rwanda Enterprise Investment Company
  • Kenya
  • GCW372

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