Kigali Cement plant will again go under the auction hammer tomorrow, Tuesday, when owner Athi River Mining Cement Ltd (ARM) looks to see the plant meet its valuation.
Located in Gitikinyoni area of Nyarugenge district of Rwanda, the grinding plant has a cement capacity of 0.1Mta. Bidders failed to meet the valuation of the plant in the previous auction.
"The only bid RWF100m (US$113m) and it was rejected because it was far lower then the 70 per cent of the RWF1.27m, the market value of the plant," Kigali Professional Bailiffs Association tweeted on Monday last week.
The sale will enable Kigali Cement to pay its creditor, Rwanda Enterprise Investment Co (REIC), which is owed some RWF600m.
