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Dangote Cement approached about Kenya's ARM Cement -source

November 08, 2018 at 09:24 am EST

ABUJA (Reuters) - Dangote Cement has been approached about a potential transaction by advisers to debt-laden ARM Cement, which went into administration in August, a source with direct knowledge of the matter told Reuters.

ARM Cement, once Kenya's second-largest cement maker, owes about $190 million to a range of creditors, including local commercial banks. ARM's creditors in October approved the sale of some assets to cut debt.

The creditors did not identify which subsidiary or assets would be sold, or the possible value of a sale, under a rescue plan, designed to keep the company operational.

Dangote Cement has not conducted due diligence on ARM Cement, the source said.

Dangote Cement, owned by Africa's richest man Aliko Dangote and operates in more than 14 African countries, has been expanding across the continent in recent years.

The company has about a 45 percent market share in sub-Sahara Africa with an annual production capacity of around 45 million tonnes. Dangote Cement has been seeking to double that capacity.

(Reporting by Chijioke Ohuocha; editing by Jason Neely/Alexis Akwagyiram/Jane Merriman)

By Chijioke Ohuocha

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Aliko Dangote

Aliko Dangote, MFR, GCON (born 10 April 1957, Kano, Nigeria) is a business magnate in Nigeria. who owns the Dangote Group, which has interests in commodities. The company operates in Nigeria and several other countries in Africa, including Benin, Cameroon, Togo, Ghana, South Africa and Zambia. As of March 2014, he had an estimated net worth of $25 billion USD . He surpassed Saudi-Ethiopian billionaire Mohammed Hussein Al Amoudi in 2013 by over $2.6 billion to become the world's richest man of African origin.

Early life
Alhaji Aliko Dangote, a northerner from Kano State, Nigeria, was born on 10 April 1957 into a wealthy Muslim family.
From the time he was young Dangote had an eye on business. He said, "I can remember when I was in primary school, I would go and buy cartons of sweets [sugar boxes] and I would start selling them just to make money. I was so interested in business, even at that time." He studied business at the Al-Azhar University in Cairo, Egypt and thereafter returned to Nigeria to borrow from his uncle Sanusi Abdulkadir Dantata, who provided him a loan of ₦500,000 (Naira, NGN) when Aliko was 21 years old, in order to start a business. Dangote later denied these rumours.

On 14 November 2011, Dangote was awarded Nigeria's second highest honour, Grand Commander of the Order of the Niger (GCON) by the President of Nigeria, Goodluck Jonathan.

Dangote reportedly added $9.2 billion to his personal wealth in 2013, according to the Bloomberg Index, now making him the 30th richest person in the world in their ranking, in addition to being the richest person in Africa.

In 2014, the Nigerian government said Dangote had donated 150 million Naira (US$1 million) to halt the spread of ebola.>

Source @ Wikipedia

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Linked companies
Dangote Group Ltd. Dangote Group Ltd. Construction MaterialsNon-Energy Minerals Dangote Group Ltd. operates as a holding company with interests in diversified businesses. It engages in cement and sugar production, production of consumer products and poly products; logistics and real estate activities. The firm’s brands include Dangote Sugar, Dangote Salt, Petit Tomato Paste, Dangote Cement, Dangote Sacks, Danvita, Dangote Macaroni, Mowa Water, Dangote Flour, Dangote Spaghetti, Ziza Milk, Dansa Juice, and Dangote Noodles. The company was founded by Aliko Dangote in May 1981 and is headquartered in Lagos, Nigeria.^	Chief Executive Officer
DANGOTE SUGAR REFINERY PLC	Chairman

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