Finance

Omani group Raysut Cement intends to buy Kenyan ARM Cement

Thursday, 06 December 2018 13:26
Omani group Raysut Cement intends to buy Kenyan ARM Cement

(Ecofin Agency) - 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.   



 
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