ARM Cement creditors approve sale of subsidiary

Kenya: The creditors of ARM Cement have approved a sale of a subsidiary or assets of the company to reduce its debt by US$190m. The creditors have not disclosed which subsidiary or assets will be sold, according to Reuters. One of the administrators from PricewaterhouseCoopers said that 102 of the creditors, representing US$95m, had supported the decision. However, two creditors had rejected the plan. The cement producer was placed into administration in late August 2018.