Kenya’s competition regulator clears Raysut Cement’s 60% stake sale to Chinese firm Zou Fengqi

KENYA – Omani cement manufacturer Raysut Cement, which has market presence in Tanzania, Somalia and Sudan and had been eyeing to acquire ARM Cement, wants to sell 60 percent stake to a Chinese firm, Zou Fengqi. The Competition Authority of Kenya (CAK) has exempted the two from filing a notification before it, saying the transaction meets the threshold under the Competition (General) Rules, 2019. Firms trading regionally are by Kenyan law required to seek regulator’s approval for acquisitions and mergers “The acquirer (Zou) had no assets or turnover for the…

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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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