This archive report was first published on 26 September 2019.
On September 26, 2019, Huaxin Cement acquired Maweni Limestone Ltd, a subsidiary of ARM Cement in Tanzania, for $116 million (approximately Sh11.9 billion).
The acquisition is part of Huaxin's strategy to expand its footprint in emerging markets, as stated by joint ARM administrators George Weru and Muniu Thoithi of PricewaterhouseCoopers (PwC) Kenya.
The sale of Maweni follows the sale of ARM Cement Kenya's assets to Devki Group's National Cement in May 2019, which brought the total sum gained from the disposal of ARM Cement's assets to Sh16.9 billion.
Huaxin initially placed a bid of Sh11.8 billion ($115 million) for the Tanzania business, which was later enhanced to Sh11.9 billion.
Other bidders for the Tanzania business included Mega Conglomerate and National Standard, while Dangote Cement and National Cement bid for the Kenyan assets of ARM Cement.
