ARM Cement plant in Tanga, Tanzania. The sale of ARM Cement’s assets in Tanzania raised funds that paid all the claims of creditors in that market and left a surplus of Ksh2.3 billion ($19.6 million) that was transferred to Kenya. PHOTO | FILE
The sale of ARM Cement’s assets in Tanzania raised funds that paid all the claims of creditors in that market and left a surplus of Ksh2.3 billion ($19.6 million) that was transferred to Kenya.
Locally, the funds were used in paying liabilities such as amounts owed to banks and investors in the firm’s commercial paper.
