Former ARM Cement #ticker:ARM chief executive officer Pradeep Paunrana failed in a last-ditch effort to keep the business in his family’s hands after administrators of the collapsed company rejected his higher Sh6.5 billion bid for the company’s Kenyan assets, the Business Daily has learnt.
ARM administrators PricewaterhouseCoopers (PwC) have, in a letter addressed to creditors of the collapsed cement processor, disclosed that they received the $65 million offer filed by a consortium led by Mr Paunrana on May 17, more than a month after the April 5 deadline for submission of bids.
