Omya (Schweiz) Ag and Pinner Heights Limited agreed to acquire 51% and 49% stake inMavuno Fertilisers Limited respectively from ARM Cement PLC (NASE:ARM) for $16 million on September 5, 2017. Prior to the completion of this transaction, ARM will transfer its minerals and fertilizers business to Mavuno Fertilisers, its non-cement-related mining business to ARM Minerals and Chemicals, and it silicates business to ARM Energy. The transaction is subject to various conditions precedent, including requisite approvals from shareholders and regulatory authorities. The transaction is subjected to approval from ARM Cement PLC shareholders and the Competition Authority approval. As on December 22, 2017, ARM Cement PLC approved the deal. As on March 26, 2018, The Competition Authority approved the deal. Kestrel Capital (East Africa) Ltd. acted as independent financial advisor to ARM Cement PLC.