Nigerian tycoon Aliko Dangote, through his company Dangote Cement, is in talks to take over troubled cement manufacturer, Athi River Mining (ARM).
The tycoon revealed this in an interview with Bloomberg, where he gave a description of the company that fitted ARM.
“There’s a company that has operations in Tanzania, Kenya and Rwanda. We are talking to that company to see if we take over,” said the Tycoon. ARM is the only cement company with operations in the three countries.
ARM has been placed under administration following a series of loss making years, with this year’s loss escalating to Ksh6.5 billion.
A takeover of ARM by Dangote would provide the much-needed capital and expertise to revive the firm.
ARM has also been suspended from trading on the Nairobi Securities Exchange following the placement under administration.
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