Kenya’s ARM Cement to raise $105mn from selling bonds

ARM Cement of Kenya is planning to raise up to US$105 million (€97.50 million) by selling five-year bonds to private investors, and it will use proceeds to repay short-term debts. The bond will have fixed and floating rates and issued in both US dollar and Kenya Shillings. The company will not list the bonds on Nairobi Securities Exchange and it will initially target to raise US$90 million and raise another US$15 million if the bonds were oversubscribed. ARM Cement registered a net loss of KES 469
November 17, 2015 Read time: 1 min

RSS7789 ARM Cement of Kenya is planning to raise up to US$105 million (€97.50 million) by selling five-year bonds to private investors, and it will use proceeds to repay short-term debts.

The bond will have fixed and floating rates and issued in both US dollar and Kenya Shillings.

The company will not list the bonds on Nairobi Securities Exchange and it will initially target to raise US$90 million and raise another US$15 million if the bonds were oversubscribed.

ARM Cement registered a net loss of KES 469 million (€4.25 million/US$4.57 million) in the first nine months of 2015 although sales went up by 7% year-on-year to KES 11.7 billion.

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ARM delays plans for new Kenyan clinker/grinding plant

Plans for a new clinker and grinding plant in Kitui, Kenya are being postponed by the local Athi River Mining (ARM).

Works on the project will begin after the company streamlines its business in Tanzania; increases its EBITDA margins by 2016/17 to 29%, and pays off some debts in US dollars.

The plant was to be built with US$150 million (€136.25 million) under a two-phase capital spending plan during 2017-2020 with stage two to involve $100 million.

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