The Kenyan assets of ARM Cement have been sold to National Cement Co for US$50m, according to a statement by its administrators. The transaction is subject to regulatory approvals.

The company was placed under administration last year by some of its creditors over what has been reported to be a US$190m debt.

The news follows PriceWaterhouseCoopers starting preparations to dispose of ARM’s stake in South Africa’s Mafikeng Cement for KES300m (US$2.974m) in early April.