Stanbic Bank Kenya #ticker:CFC and Africa Finance Corporation (AFC) were among the biggest beneficiaries of the Sh14.1 billion that UK’s sovereign wealth fund CDC Group injected into cement manufacturer ARM last year for a 40.6 per cent stake.
ARM used part of these funds to reduce its short-term loan from the Stanbic by Sh2.1 billion to Sh1.1 billion and also wired Sh1.5 billion to Lagos-based AFC, lowering its commitment to Sh4.1 billion.
