PricewaterhouseCoopers (PwC), which took control of ARM Cement in August 2018, extended the final bid submission deadline to mid-March 2019 following requests from potential acquirers. The move allows bidders to complete due diligence and refine proposals for the Nairobi Securities Exchange-listed firm.
The revised timeline enables new participants to enter the process, with 14 firms having already submitted non-binding offers. Some are now in advanced evaluation stages. PwC administrator Muniu Thoithi stated the extension aimed to ensure compliance with administrative requirements while allowing bidders to prepare binding proposals.
The winning bid is expected to be announced to creditors by month's end. A successful acquisition would grant the buyer operations across Kenya, Rwanda, and Tanzania, including cement plants in Kaloleni, Athi River, and Maweni, as well as the Kigali Cement Company subsidiary.
Industry sources indicate Nigeria's Dangote Cement and Oman's Raysut Cement are among contenders. Raysut previously proposed a Sh10.2 billion offer for the company.
