The Omani cement group Raysut Cement announced, in a communique published on December 4, 2018, that it was planning to buy its Kenyan peer ARM Cement, in the framework of an African expansion plan.
"Raysut has expressed its interest to the administrators to acquire ARM Cement", Omani group revealed in the communique.
"The acquisition will complement Raysut’s revised strategy to manufacture clinker in proximity to the markets it supplies in East Africa", the group added indicating that the amount of the transaction will exceed $100 million.
Raysut Cement is constructing clinker grinding units in Somaliland and Mogadishu, Somalia, in partnership with a Dubai based partner.
The group also initiated advance discussions to purchase cement companies in Uganda and Djibouti.
In August 2018, ARM Cement was placed under provisional administration due notably to its inability to refund its debts estimated at about $190 million.
According to Reuters, in November 2018, some ARM Cement’s advisors suggested Dangote Cement purchase the Kenyan group.
The acquisition signals rising confidence in Africa’s digital infrastructure as a viable, long-term ...
The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...
By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...
As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...
- Micro, small, and medium enterprises received over half of business loans in WAEMU in 2024 - Bank ...
Government ramps up e-services, digital ID, and payments, but rural gaps remain Highlights: ● Over 900 government services digitized under "Digital...
Foreign rice fills the gap as local harvest falls by 10.7%, says the national statistics agency. Highlights ● Senegal imported 1.38 million tonnes of...
Facing rising jihadist threats and trade uncertainties, the country diversifies its global alliances through new security and economic...
The move aims to help stabilize the economy and allow the country to reclaim control over its production strategy. Highlights: ● Angola launched...
Garamba National Park, located in the northeastern Democratic Republic of Congo, is one of Africa’s oldest and most iconic protected areas. Established in...
Perched in the rugged heights of the Djebel Nefoussa in northwestern Libya, Qasr Al Haji (also spelled Ghasr Al-Hajj) is a striking example of traditional...