ARM Cement fighting to sell stake in South African project

Print this page

Kenya/South Africa: Kenya’s ARM Cement is fighting moves by minority investors in South Africa’s Mafeking Cement to buy it out for a nominal sum. ARM Cement is attempting to sell its 70% stake in the company for around US$3m as part of its administration process, according to the Business Daily newspaper. Mafeking Cement owns limestone reserves in north-west South Africa and ARM Cement originally took a stake in the company to raise investment and eventually build a cement plant.

However, the minority investors have invoked parts of the shareholders’ agreement and filed a court application in South Africa that, if successful, would allow them buy out ARM Cement’s stake for a nominal price less than US$1. ARM Cement’s administrators PricewaterhouseCoopers have taken steps to counter the move.

Last modified on 10 April 2019

URL: https://www.globalcement.com/news/item/9094-arm-cement-fighting-to-sell-stake-in-south-african-project

© 2021 Pro Global Media Ltd. All rights reserved.