This archive report was first published on 27 September 2019.
On September 27, 2019, the Tanzanian unit of Athi River Mining, Maweni Limestone, was sold to Huaxin Cement, a Chinese cement factory, for Ksh 11.9 billion.
The sale was facilitated by joint administrators George Weru and Muniu Thoithi, who stated that the transaction would allow Huaxin to enter the African market immediately and was a crucial part of the company's strategy to expand into emerging markets.
Huaxin was one of four companies that submitted bids to acquire ARM Cement's Tanzanian unit, alongside Dangote Cement, Mega Conglomerate, and National Standard.
The acquisition was subject to regulatory approvals and followed the sale of ARM Cement's Kenyan assets to Devki's National Cement in May 2019.
Earlier in 2019, the court had given Pricewatercoopers (PWC) the green light to sell the ARM business for Ksh 5 billion, bringing the total sum gained from the disposal of the cement's assets to Ksh 16.9 billion.
Meanwhile, Jawabt Rai lost his bid to acquire ARM Cement's Kenyan unit to rival Narendra Raval of National Cement, reportedly due to suspicions of a consortium between Rai and former ARM CEO Pradeep Purana.
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