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    Athi River Mining Stares at Expunging off its Rwanda and South Africa Links

    Posted On 24 May 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Abdul Rahman Bangura–

    Photo Credit: Kenyan Business Feed

    NEW AFRICA BUSINESS NEWS (NABN) 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 The firm was rescinded from trading at the Nairobi Securities Exchange after it went into receivership.

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    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.

     

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    About the Author
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    12 Comments

    1. Alfred May 24, 2020 at 4:21 am Reply

      Good and great reporting. Thank you. Alfred, Toronto CANADA

      • New Africa Business News, Staff Correspondent May 24, 2020 at 4:43 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Issac May 24, 2020 at 4:32 am Reply

      Thank you for signing me to your newsletter. Great online newspaper. Sydney, Australia. Issac

      • New Africa Business News, Staff Correspondent May 24, 2020 at 4:44 am Reply

        We are happy to signed you to the newsletter. AWESOME. Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Harry May 24, 2020 at 4:41 am Reply

      Thank you for reporting detail Africa business news. Gaborone, Botswana. Harry

      • New Africa Business News, Staff Correspondent May 24, 2020 at 4:46 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

      • New Africa Business News, Staff Correspondent May 24, 2020 at 5:34 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. mustapha May 24, 2020 at 4:59 am Reply

      Thank you Bangura,team and new Africa business news editor. Mustapha, Freetown, Sierra Leone.

      • New Africa Business News, Staff Correspondent May 24, 2020 at 5:00 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. ibrahim May 24, 2020 at 5:09 am Reply

      Thank you new Africa news, for all your reportings and EID MUBARAK TO ALL MUSLIMS. WE ARE GREATFUL TO ALMIGHTY GOD FOR BLESSING US ALL. Ibrahim, Liverpool England.

      • New Africa Business News, Staff Correspondent May 24, 2020 at 5:29 am Reply

        Eid Mubarak to you and Muslims all over the World. Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

      • New Africa Business News, Staff Correspondent May 24, 2020 at 6:26 am Reply

        Eid Mubarak to you and Muslims all over the World. Thanks for reading Africa’s fastest growing online newspaper

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