Kenya: ARM Cement has extended its bidding period to mid-march 2019 following requests by potential buyers. Administrator PricewaterhouseCoopers (PwC), which took over the cement producer in August 2018, originally set the deadline to the end of February 2019, according to the Business Daily newspaper. Bidders have asked for a longer period to complete due diligence tests and decide what they think the value of the company is.
14 companies have already made non-binding bids for the cement producer. These will later be shortlisted before a winning bidder is selected. No bidders have publicly been announced but Nigeria’s Dangote Cement and Oman’s Raysut Cement are believed to be interested, according to local media.