CfC Stanbic lends ARM Cement of Kenya US$49.74mn

Kenya-based ARM Cement has taken a US$49.74 million (KES 4.5 billion) loan from CfC Stanbic Bank, to help fund several of its projects. These include a planned 2.5 million tonne/year cement factory in Kitui, a 2,500 tonnes/day grinding plant in the Tanga region of Tanzania, and an upgrade of the Rwanda grinding plant to 2,000 tonnes/day. Further cash may be made available if Nigeria's Africa Finance Corporation (AFC) decides to convert its $50 million bond from 2012 to shares in ARM.
December 11, 2014 Read time: 1 min

Kenya-based 7789 ARM Cement has taken a US$49.74 million (KES 4.5 billion) loan from CfC Stanbic Bank, to help fund several of its projects. These include a planned 2.5 million tonne/year cement factory in Kitui, a 2,500 tonnes/day grinding plant in the Tanga region of Tanzania, and an upgrade of the Rwanda grinding plant to 2,000 tonnes/day. Further cash may be made available if Nigeria's Africa Finance Corporation (AFC) decides to convert its $50 million bond from 2012 to shares in ARM.

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ARM of Kenya to start building cement plant in October 2014

Kenyan cement producer, ARM expects to start building a cement plant costing KES 26bn (€218 million) in Kitui in October 2014, according to the company’s CEO, Pradeep Paunrana.

He said the company will use its cash reserves and debts to fund plant, which will have daily capacity of 8,000tonnes. Kitui has substantial limestone deposits and there are large coal reserves near the Mui basin.

Dangote Cement of Nigeria will also build a plant in Kitui with daily output of 5,500tonnes, at a cost of €294 mill

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