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Tycoon’s family finally edged out of ARM in Sh10 billion deal

Athi River mining cement company.

Billionaire Pradeep Paunrana has finally lost control of ARM Cement following the firm’s acquisition by Oman cement maker, Raysut Cement Company.

The Sh10 billion deal in effect saves the troubled family business from imminent liquidation. Raysut Cement Company said yesterday the acquisition is part of its expansion strategy into the East and Central African market.

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