In a letter to the Capital Markets Authority (CMA), ARM Cement’s Board of Directors has accepted the resignation of Mr Rick Ashley as the Director of ARM Cement with effect May 3, 2018 due to personal reasons. Rick served on the board of the troubled cement maker for over a decade.
The NSE-listed company’s Board of Directors also announced the resignation of Mr Ramesh Vora as the company secretary with effect 27 April 2018. Mr Vora served as the company secretary for more than 24 years and “has requested the Board to allow him [to] leave after serving for more than two decades.”
The resignations come at a time when the financially troubled cement manufacturer is looking for a company to pump capital into its operations.
“We are in the process of finding an equity and a strategic buyer to inject equity into the business,” ARM MD Pradeep Paunrana said in December. “The process is on and we expect over the next few weeks to complete that process.”
LafargeHolcim, a French industrial company, could be a potential bidder in buying a majority stake in the company. Currently, LafargeHolcim holds a 41.7 percent stake in East African Portland Cement Company (EAPCC) and a 58.9 percent controlling stake in Bamburi Cement, largest cement producer in Kenya.