Cash-strapped cement manufacturer ARM (formerly Athi River Mining Company) has been suspended from trading their shares at the Nairobi Securities Exchange (NSE), days after the company was put on administration.
The suspension which was effected today will last for a period of seven working days, according to a statement issued by NSE.
“This is to inform you of the suspension in trading of Athi River Mining Cement Plc shares, following the placement of the company under administration pursuant to Section 534(1) of the Insolvency Act, 2015,”
“The suspension is issued with the approval of the Capital Markets Authority pursuant to Regulation 22(2) (b) of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002,” read the statement.
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On August 17, audit firm Pricewaterhouse Coopers announced the appointment of Muniu Thoiti and George Weru as joint administrators for the Rhino Brand cement manufacturer.
“With their appointment, the administrators shall now take control of the business assets and the management of the affairs of the company without any personal liability. By virtue of the administration, the powers of the directors of the company in terms of dealing and/or transacting with the company’s assets have ceased, unless with the express permission of the Administrators.” The audit firm said in a statement.
The company recently tapped former Nation media Group CEO Linus Gitahi as chairperson to replace the retiring Chair of the Board of Directors Eng. Wilfred Murung and former French Minister of Cooperation Thierry Metro as a non executive, non independent member of its board.
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