UltraTech Cement “eyeing majority stake” in ARM Cement?

UltraTech Cement of India is believed to be in talks with Kenya-listed ARM Cement for the controlling stake in the latter. The Indian cement manufacturer could acquire convertible preference shares of up to US$125 million (€114.44 million) in ARM Cement. Earlier, ARM Cement announced the impending transaction, but did not disclose the identity of the potential investor. The transaction is likely to be completed by March 2016.
January 12, 2016 Read time: 1 min

6846 UltraTech Cement of India is believed to be in talks with Kenya-listed ARM Cement for the controlling stake in the latter.

The Indian cement manufacturer could acquire convertible preference shares of up to US$125 million (€114.44 million) in ARM Cement.

Earlier, ARM Cement announced the impending transaction, but did not disclose the identity of the potential investor.

The transaction is likely to be completed by March 2016.

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Kenya’s ARM Cement stake sale

ARM Cement of Kenya is likely to finalise talks with a foreign investor on picking up a US$140 million (€122.92 million) stake in the company by 15 April 2016.

Of the total investment, US$110 million will be used by the cement company to repay company debt while the rest will be used for expansion.

The investment will be finalised by June 2016.

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