NAIROBI, May 20 (Reuters) - The Tanzanian unit of Kenya’s ARM Cement has been sold to China’s Huaxin Cement company, its administrator PricewaterhouseCoopers and Huaxin said on Wednesday.
The two said in a joint statement Huaxin will inject $116 million into the unit, Maweni Limestone Limited, to settle liabilities, and another $30 million to complete plant construction and upgrade.
ARM Cement was put under administration in August 2018 by some of its creditors over a $190 million debt and its shares were suspended from the Nairobi bourse. It had debts with a range of creditors, including local commercial banks. (Reporting by George Obulutsa; Editing by Kim Coghill)