Troubled cement maker ARM’s #ticker:ARM administrators have written off Sh21.3 billion in bad loans that the company advanced to its Tanzanian subsidiary, Maweni Limestone Limited, shrinking the company’s assets by 61 per cent and taking it to a negative equity position of Sh2.4 billion.
PricewaterhouseCoopers' (PwC) decision to act on the long-hidden loan means ARM is now worth even less than previously stated, with only Sh14.2 billion assets compared to Sh36.8 billion in December 2017.
