Kenya/South Africa: The liquidators of Kenya-based ARM Cement have written off the company’s investment in South Africa-based Mafeking Cement due to a legal dispute with the minority shareholder. Representatives of PricewaterhoueCoopers said in an update to creditors that there was unlikely to be any residual value in Mafeking Cement as the underwriter of the mining business, Lombard insurance Company, had withdrawn its guarantee, according to the East African newspaper. The move has increased the loss by creditors in ARM Cement to around US$99m or around 66% of the total claims.
ARM Cement was put in liquidation in October 2021. It owns a 70% stake in Mafeking Cement, a company that owns limestone mining rights in north-west South Africa. The remaining 30% share is owned by local communities and trusts.