Cement firm secures Sh4.5 billion credit from CfC Stanbic

Kenya: Athi River Mining Cement has secured a Sh4.5 billion credit from CfC Stanbic Bank Limited. This structured facility, which among other things allows for repayments and re-drawing, will complement the cement firm’s other banking facilities by providing added financial flexibility and optimal funding.

The facility was arranged and underwritten by CfC Stanbic’s investment banking arm. “We are very pleased to have finalised this facility,” said Athi River Mining’s MD Pradeep Paunrana (pictured). “Now that our Tanga clinker plant is commissioned, ARM is well on its way to becoming East Africa’s leading cement manufacturer, and part of the reason for this progress is the way we have been able to exploit the increasing sophistication of the financial sector.