ARM set to dispose its Rwanda and South African subsidiaries to pay oits debt

AFRICA – Athi River Mining (ARM) a cement mining and manufacturing company, is set to dispose its subsidiaries in Rwanda and South Africa, a move that brings it closer to delisting from the NSE.  According to the company, they intend to use the income from disposals to pay off its US$284 million debt owed to creditors in Kenya (US$170 million), Tanzania (US$110 million), and Rwanda (US$4 million).  In Rwanda, the company is looking to sell its grinding plant — Kigali Cement plant in Nyarugenge District.  ARM Cement went under administration in…

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Tangerine Life acquires majority stake in ARM Life

NIGERIA – Tangerine Life Insurance Limited (formerly known as Metropolitan Life Insurance Nigeria Limited) has acquired a majority stake in ARM Life Insurance Plc. A statement from the insurance firm said the acquisition, which took effect in March, placed Tangerine Life as one of the largest life insurance providers in Nigeria. ARM stated that the aim of the acquisition was to combine the strengths of the two industry doyens so as to present strong opportunities for value creation in the insurance industry. Speaking on the acquisition, the Managing Director, Tangerine…

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Nigeria’s micro-investing startup Trove secures funding from ARM to expand operations

NIGERIA – Nigerian fintech startup Trove has secured an undisclosed amount of equity funding from asset management firm ARM to help it deliver access to global investment opportunities. “We believe that this is a wonderful opportunity to enlarge the investment playing field for our valuable clients enabling them to trade in diverse stocks and accumulate wealth globally from the comfort of their homes. It is also our hope that this partnership will encourage more millennials to explore the world of investing in order to build a future of realised ambitions,”…

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Chinese Cement company buys Maweni Limestone for $116m

TANZANIA – Maweni Limestone Ltd, a subsidiary of Athi River Mining (ARM) Cement Tanzania has been bought by a leading for $116 million, reports Business Daily. The acquisition by Huaxin Cement is subject to certain conditions including receipt of regulatory approvals. “This transaction will permit Huaxin immediate entry into one of the leading markets in East Africa and is integral to Huaxin’s broader strategy to expand its footprint across emerging markets,” joint ARM administrators George Weru and Muniu Thoithi of PricewaterhouseCoopers (PwC) Kenya said in a statement. The sale of…

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