Enterprise Television – Nairobi Securities Exchange Suspends Trading of Kenya’s ARM Cement
The Nairobi Securities Exchange (NSE) has confirmed it suspended trading of Kenya’s ARM Cement three days after it was put under administration.
“The suspension in trading of the company’s shares takes effect from August 20, 2018,” NSE said in a statement. “This suspension shall remain in force for seven (7) working days.”
According to NSE, the suspension is issued with the approval of the Capital Markets Authority.
On Saturday, PricewaterhouseCoopers said that ARM Cement was put into administration; days after ARM Cement’s chief executive officer said he was relinquishing his post but staying on its board.
PWC’s Muniu Thoiti and George Weru have been appointed as joint administrators.
However, ARM Cement, which was once Kenya’s second-largest cement maker behind LafargeHolcim’s Bamburi Cement, has seen its market share plunge to just 10 percent after the clinker plant it built in Tanzania in 2014 failed to generate income.
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