@StandardMedia

Kenya’s second largest cement maker suspended from Nairobi Securities Exchange

2 months ago, 20 Aug 11:54

By: Fredrick Obura

The Nairobi Securities Exchange on Monday suspended trading of ARM Cement shares, two days after it was put under receivership.

In a communication, NSE said the suspension has been issued with the approval of the Capital Markets Authority pursuant to regulations 22(2) (b) of the Capital Markets Authority 

“The suspension in trading of the company’s shares takes effect from August 20, 2018,” NSE said in a statement. “This suspension shall remain in force for seven (7) working days.”

Commercial banks pounced on what is left of Kenya’s second-largest cement maker Athi River Mining (ARM) after they took control of the firm seeking to recover Sh15 billion owed to them.

Nigeria-headquartered UBA Bank, which led the onslaught, appointed joint administrators from audit firm PricewaterhouseCoopers (PwC) on Friday.

The lenders wrestled control of the firm from the new board set up less than a week, making it the latest company to face the prospects of liquidation.

The appointed administrators, Muniu Thoithi and George Weru, are experienced receiver managers for family-owned businesses facing financial troubles.

Mr Weru said the main task at hand is to take control of the firm after which they will conduct a thorough analysis of its financial health.


Read More


Category: topnews news

Suggested

32 minutes
@DailyNation - By: Afp
Self-lubricating latex could boost condom use: study

Volunteers expressed a strong preference for condoms that were "inherently slippery". ...

Category: topnews news
1 hour ago
@DailyNation -
Heart-warming hug for Meghan and Harry in Aussie outback

Eastern Australia has been suffering through record-breaking dry periods. ...

Category: topnews news lifestyle
1 hours ago, 09:38
@DailyNation - By: Peter Mburu
New college to offer integrity training, EACC says

Academy to offer training to national and county government officers in bid to tame graft. ...

Category: topnews news
1 hours ago, 09:13
@CITIZENTV - By: Simon Ngure
Drama looms in Nakuru County Assembly over nominated MCAs

Conflict is looming in the Nakuru County Assembly following a move to have all nominated MCAs removed from various committees. ...

Category: topnews news
1 hours ago, 09:35
@CITIZENTV - By: Enock Sikolia
Wario, Ekai ambassadorial posts at risk after Rio scam

The indictment of former Sports CS Hassan Wario and ex-PS Richard Ekai over the Rio Olympics scandal has left Kenyans questioning the vetting process ...

Category: topnews news
1 hours ago, 09:03
@DailyNation - By: Samwel Owino
Speaker Muturi, MPs visit ladies’ toilets in bribery probe

Gathoni Wamuchomba claims she overheard colleagues discussing how they had been bribed while inside toilet cubicles. ...

Category: topnews news

@StandardMedia

Kenya’s second largest cement maker suspended from Nairobi Securities Exchange

2 months ago, 20 Aug 11:54

By: Fredrick Obura

The Nairobi Securities Exchange on Monday suspended trading of ARM Cement shares, two days after it was put under receivership.

In a communication, NSE said the suspension has been issued with the approval of the Capital Markets Authority pursuant to regulations 22(2) (b) of the Capital Markets Authority 

“The suspension in trading of the company’s shares takes effect from August 20, 2018,” NSE said in a statement. “This suspension shall remain in force for seven (7) working days.”

Commercial banks pounced on what is left of Kenya’s second-largest cement maker Athi River Mining (ARM) after they took control of the firm seeking to recover Sh15 billion owed to them.

Nigeria-headquartered UBA Bank, which led the onslaught, appointed joint administrators from audit firm PricewaterhouseCoopers (PwC) on Friday.

The lenders wrestled control of the firm from the new board set up less than a week, making it the latest company to face the prospects of liquidation.

The appointed administrators, Muniu Thoithi and George Weru, are experienced receiver managers for family-owned businesses facing financial troubles.

Mr Weru said the main task at hand is to take control of the firm after which they will conduct a thorough analysis of its financial health.


Read More

Category: topnews news

Suggested

32 minutes
@DailyNation - By: Afp
Self-lubricating latex could boost condom use: study

Volunteers expressed a strong preference for condoms that were "inherently slippery". ...

Category: topnews news
1 hour ago
@DailyNation -
Heart-warming hug for Meghan and Harry in Aussie outback

Eastern Australia has been suffering through record-breaking dry periods. ...

Category: topnews news lifestyle
1 hours ago, 09:38
@DailyNation - By: Peter Mburu
New college to offer integrity training, EACC says

Academy to offer training to national and county government officers in bid to tame graft. ...

Category: topnews news
1 hours ago, 09:13
@CITIZENTV - By: Simon Ngure
Drama looms in Nakuru County Assembly over nominated MCAs

Conflict is looming in the Nakuru County Assembly following a move to have all nominated MCAs removed from various committees. ...

Category: topnews news
1 hours ago, 09:35
@CITIZENTV - By: Enock Sikolia
Wario, Ekai ambassadorial posts at risk after Rio scam

The indictment of former Sports CS Hassan Wario and ex-PS Richard Ekai over the Rio Olympics scandal has left Kenyans questioning the vetting process ...

Category: topnews news
1 hours ago, 09:03
@DailyNation - By: Samwel Owino
Speaker Muturi, MPs visit ladies’ toilets in bribery probe

Gathoni Wamuchomba claims she overheard colleagues discussing how they had been bribed while inside toilet cubicles. ...

Category: topnews news
Our App