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Banks take control of Athi River Mining over Sh15 billion debt

Athi River Mining Cement Company

Commercial banks have pounced on what is left of Kenya’s second-largest cement maker Athi River Mining (ARM) after they took control of the firm seeking to recover Sh15 billion owed to them.

Nigeria-headquartered UBA Bank, which led the onslaught, appointed joint administrators from audit firm PricewaterhouseCoopers (PwC) on Friday.

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