Dangote Cement Plc has confirmed continued interest in acquiring ARM Cements, the Nigerian cement company under administration by PricewaterhouseCoopers (PwC).
Chief Financial Officer Brian Ega revealed during a 2018 financial results call that the firm is engaged in discussions with ARM's administrators about a potential takeover. He noted the process remains unresolved, with negotiations still in progress.
PwC extended the deadline for takeover bids to mid-March 2019 after bidders requested additional time for due diligence. Ega described the situation as 'still having some way to go' in the process.
The company reported a 7.4% increase in group volumes, with Nigerian operations growing 11.4%. Dangote achieved its 65% market share target in Nigeria for 2018, with Lagos accounting for 27.7% of national sales. Ethiopian operations faced challenges due to regional disturbances but showed progress in community relations.
Meanwhile, the Tanzanian plant's transition to gas-powered operations is expected to boost profitability in the coming quarter.
