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The Tanzanian unit of Kenya’s ARM Cement has been sold to China’s Huaxin Cement company, its administrator PricewaterhouseCoopers and Huaxin said yesterday, paving way for completion of one of its production plant.
Huaxin would inject $116 million (Sh12.2 billion) into the unit, Maweni Limestone Ltd, to settle liabilities and another $30 million (Sh3.1 billion) to complete plant construction and upgrade, according to their joint statement.
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