The Tanzanian unit of Kenya's ARM Cement has been sold to China's Huaxin Cement, according to its administrator PricewaterhouseCoopers.
Huaxin is expected to invest US$116m into Maweni Limestone Ltd to settle liabilities and another US$30m to complete a plant construction and upgrade.
"Securing a suitable investor with the ability to make the requisite investments and inject much-needed capital to boost Maweni's operations [...] was a top priority [...] given Maweni's dire financial situation," said Muniu Thoiti, one of the PWC administrators.
ARM Cement was put under administration in 2018 by some of its creditors over a US$190m debt and its shares were suspended from the Nairobi bourse. In Tanzania, the company has around 1.6Mta of capacity from two plants.
