ARM subsidiary is sold to Huaxin Cement

Maweni Limestone Ltd, the Tanzanian subsidiary of ARM, has been sold to Huaxin Cement of China for US$116m. The acquisition is subject to regulatory approvals.

"This transaction will permit Huaxin immediate entry into one of the leading markets in east Africa and is integral to Huaxin's broader strategy to expand its footprint across emerging markets," joint ARM administrators George Weru and Muniu Thoithi of PricewaterhouseCoopers (PwC) Kenya said.

The sale follows the sale of the assets of ARM Cement Kenya to Devki Group's National Cement in May.