Athi River Mining #ticker:ARM chief executive and major shareholder Pradeep Paunrana’s plan to hive off a Sh1.6 billion portion of his collapsed cement business empire fell through after administrators rejected the plan, it has emerged.
ARM’s administrators PricewaterhouseCoopers (PwC) cancelled the intended sale of the group’s fertiliser blending unit to Swiss firm Omya and Pinner Heights Limited (PHL), which Mr Paunrana was using to secure the purchase.
