Lagos-based Africa Finance Corporation (AFC) has received a Sh1.4 billion payout from #ticker:ARM Cement in a deal that saw it forego its rights to convert a Sh5.1 billion loan into 78.1 million shares of the cement manufacturer.
ARM took the six-year convertible debt in 2012, offering AFC an annual interest of five per cent payable quarterly plus 2.5 per cent interest accrued every quarter and payable on maturity.
