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Salt To Injury AS CMA Extends ARM’s Suspension On The NSE Market

Athi River Mining Cement Plant. [PHOTO/ COURTESY]

Athi River Mining Cement will not trade its shares at the Nairobi Stock exchange NSE for a further twenty-one working days after the Capital Markets Authority (CMA) extended the suspension.

ARM was placed under administration last month due to a Sh14.4 billion debt triggering the suspension at NSE.

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

Read: Sylvia Mulinge To Stay At Safaricom With New “Director Of Special Projects” Title

“The extension of suspension was issued by the Capital Markets Authority (CMA) pursuant to Regulation 22(2) of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulations, 2002,” said NSE in a notice.

ARM has been experiencing a series of losses, reporting a Ksh8.5 billion loss in 2017, an increase compared to Sh3.1 billion loss same period last year.

Last month, former Nation Media Chief Executive Linus Gitahi 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 last month with Thiery Metro tapped as non-executive, non-independent director.

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Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.

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