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In August, former Nation Media Chief Executive was appointed the Chair of the ARM Cement Board following the retirement of Wilfred Murungi/file

Kenya

CMA extends suspension of trading ARM shares

In August, former Nation Media Chief Executive was appointed the Chair of the ARM Cement Board following the retirement of Wilfred Murungi/file

NAIROBI, Kenya, Oct 30 – The Capital Markets Authority (CMA) has extended the suspension of trading of Athi River Mining Cement Plc shares for a further Seventy five working days twenty-one working days with effect from October 29, 2018.

This follows the placement of the company under administration in August owing to a Sh14.4 billion debt, keeping away creditors from attaching its property.

All shareholders, investors and the general public are asked to take note of the suspension.

PricewaterhouseCoopers (PwC) Muniu Thoiti and George Weru took over the management of the cement maker following the exit of the chief executive Pradeep Paunrana.

“The extension of suspension was issued by the Capital Markets Authority pursuant to Regulation 22(2) (b) of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 200,” said NSE in a notice.

As at the end of 2017, the firm reported a Sh8.5 billion loss, an increase compared to Sh3.1 billion loss same period last year.

In August, former Nation Media Chief Executive was appointed the Chair of the ARM Cement Board following the retirement of Wilfred Murungi.

Deputy Managing Director Surendra Bhatia also retired from the position in August with Thiery Metro tapped as non-executive, non-independent director.

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