By Abdul Rahman Bangura–
NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone- Cement maker – Athi River Mining (ARM), is staring to expunge off its associates in Rwanda and South Africa, an action that sends it closer to delisting from the NSE. According to the company, they schedule to utilize the revenue from discarding’s to pay off its $284 million deficit owed to creditors in Kenya ($170 million), Tanzania ($110 million), and Rwanda ($4 million).
In Rwanda, the corporation is glancing to trade its grinding plant — Kigali Cement plant in Nyarugenge District. Athi River Mining Cement took off leadership in August 2018 after it flunked to fulfill its monetary commitments. The firm was rescinded from trading at the Nairobi Securities Exchange after it went into receivership.
On May 8th, 2020, the Capital Markets Authority (CMA) expanded the trading hiatus of its stock on the NSE indefinitely.
Fraction of ARM’s descent was a considerable enterprise in Tanzania, which did not profit return. ARM had inaugurated two factories with an annual proceeds capacity of 1.6 million tones in the country. This was besides installing two plants with a yearly production capacity of 1 million tones in Kenya and another plant with a production capacity of 100,000 tones annually.
China’s Huaxin Cement has bought the Tanzanian unit of ARM Cement, Maweni Limestone Limited, to complete one production plant. Huaxin will empty the unit’s depletion worth $116 million and subsidize $30 million to finalize and boost the plant.
For New Africa Daily News Abdul Rahman Bangura Reports, Africa Correspondent