The Nairobi Securities Exchange (NSE) has suspended trading on ARM Cement following the placement of the company under administration pursuant to Section 534(1) of the Insolvency Act, 2015.
The exchange, in a notice to dealing members said the suspension was issued with the approval of the Capital Markets Authority.
“The suspension in trading of the company’s shares takes effect from August 20, 2018. This suspension shall remain in force for seven (7) working days. All shareholders, investors and the general public are asked to take note of the suspension” NSE.
On Saturday, the troubled cement manufacturer was put into administration after its lenders pulled the plug on the company. Professional services firm PwC has been formally appointed to handle the administration effective 17th August 2018.