ARM writes off South Africa mining investment over legal dispute
A man carrying a bag of cement. Liquidators of the collapsed ARM Cement Plc have written off the firm’s mining investment in South Africa over a legal dispute with the minority shareholders. PHOTO | FILE | NMG
Liquidators of the collapsed ARM Cement Plc have written off the firm’s mining investment in South Africa over a legal dispute with the minority shareholders, effectively extending the creditors’ losses to $99.31 million, equivalent to 65.65 percent of total claims.
The regional cement maker, which was put into liquidation in October 1, 2021, owns 70 percent shareholding in South-African based cement dealer Mafeking, while the remaining 30 percent is held by local communities and trusts.
