A leading Chinese company has bought Athi River Mining (ARM) Cement’s Tanzania subsidiary, Maweni Limestone Ltd, for $116 million (about Sh11.9 billion).
“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 in a statement to the press issued Thursday.
