ARM Cement's shares plunge on bond payment report
News
By
Reuters
| Jul 10, 2018
Shares of ARM Cement dropped by the maximum daily limit of 10 percent on Tuesday after a newspaper reported that it had missed a bond interest payment.
A local business newspaper reported that ARM last month failed to pay bondholders interest on a bond it issued in 2015.
ARM CEO Pradeep Paunrana told Reuters that he was travelling and would comment on the report at 3:30 p.m.
Its shares were trading at Sh3.25, down 9.72 percent from Monday’s close of Sh3.60, Reuters data showed.
The shares are down nearly 97 percent from their all-time peak of Sh98.00 each at the start of 2014, as the problems in Tanzania fuelled a collapse of its Kenyan market share from above 20 percent to the current 10 percent.
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The shares were the most heavily traded on the Nairobi bourse in Monday’s session, when they closed down 7 percent after media reports that the company’s auditor had flagged internal debt worth Sh21 billion.
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