@BusinessDaily

End of an era as Paunrana family loses grip on ARM - 5 months ago, 17 Aug 08:08

By: Brian Ngugi

For more than four decades the wealthy Paunrana family has kept a tight grip on the operations of the Nairobi Securities Exchange-listed cement maker, ARM. #ticker:ARM

The Paunrana patriarch, the late Harjivandas J Paunrana, founded the company, formerly known as Athi River Mining Limited, in 1974.

What started as a producer of agricultural lime morphed over time into Kenya’s second-largest cement maker at the height of its success, only behind LafargeHolcim’s Bamburi Cement.

Fourty-four years later, the Paunrana family is now on the verge of losing control of the company’s operations following the exit of Pradeep Paunrana, the late Mr Paunrana’s son, from ARM Cement’s corner office.

Mr Paunrana is set to relinquish his position after a management shake-up of the company whose fortunes have in recent years dipped sharply.

The shake-up orchestrated by UK sovereign wealth fund CDC Group will, however, see Mr Paunaran retain a seat on the cement maker’s board.

“The company is ...
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