Tony254
JF-Expert Member
- May 11, 2017
- 16,017
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Siku hizi uko mature sana. Unatoa points za adabu zilizoenda shule. Zamani ulikuwa ni mtu wa matusi tu.
Mama Samia Suluhu karibu Nairobi, kweli umedhamiria kurekebisha
Mama Samia Suluhu karibu Nairobi, kweli umedhamiria kurekebisha
- Thread starter MK254
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Ausar
JF-Expert Member
- Mar 19, 2021
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Hii ndoto uliota mda gani......yani kwa hii shida ya ajira huku aachie nyan'gau ipewe kazi huku........nafasi pekee atakayoweza pewa nyang'au ni zile za juu tu kwa ajili ya kulinda investment ya muwekezaji ukitoa hapo kila mtu ashinde mechi zake
Geza Ulole
JF-Expert Member
- Oct 31, 2009
- 65,136
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waache wajijaze ujinga! Uchumi, Deacon, Brookside, ARM, Nakumatt, Transcentury, AAR na wengineo wali- au wanaondoka kwa aibu na naamini competition waliyokuta Tanzania ndo ilifanya waende banckrupt back hom!
Geza Ulole
JF-Expert Member
- Oct 31, 2009
- 65,136
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Don't forget most of them they lost the market battle! Uchumi, Deacon, Brookside, ARM, Nakumatt, AAR, all ur universities, many of ur schools na wengineo wali- au wanaondoka kwa aibu na naamini competition waliyokuta Tanzania ndo ilifanya waende banckrupt back hom!
Endeleeni kuja!
Another Kenyan loss making company
Portland Cement in trouble, banking on land sale payment East African Portland Cement Company (EAPCC), once the region’s leading cement producer, is in trouble. In the past two months, the firm experienced operational challenges, which at some point saw its production halted, salaries delayed...
Another loss making Kenyan company part II
COMPANIES National Cement completes buyout of ARM Kenya assets WEDNESDAY, JANUARY 8, 2020 22:00 National Cement chairman Narendra Raval. FILE PHOTO | NMG National Cement Company, owned by billionaire businessman Narendra Raval, Wednesday paid Sh5 billion to complete its purchase of ARM Cement...
See a sorry state of "a mad man walking" of the owner of Nakumatt straight from Tanzania ...
komora096
JF-Expert Member
- Sep 26, 2018
- 20,548
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komora096
JF-Expert Member
- Sep 26, 2018
- 20,548
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Naona umetaja kampuni tano tu na wakati taarifa zinasema more than 500
komora096
JF-Expert Member
- Sep 26, 2018
- 20,548
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Tanzanoa ukiongea kilugha mjini unatengwa na kupnekana mshamba[emoji23][emoji23]
komora096
JF-Expert Member
- Sep 26, 2018
- 20,548
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Nyerere kawatakaza kuongea lugha za makabila yenu eti kisa umoja...unaachaje mila
komora096
JF-Expert Member
- Sep 26, 2018
- 20,548
- 5,647
Mtawadanya wajinga, eti dar uongee kilugha..subutu si unaonekana tahira huku wenzako kukukejeli na kukuita mkabila..
Nyie lugha za kikabila labda muendelea kuzitumia katika mambo ya kishirikina tu, sana sana waganga
Geza Ulole
JF-Expert Member
- Oct 31, 2009
- 65,136
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Athi River Mining set for liquidation, delisting at the NSE
James Anyanzwa | The East African April 30, 2021 11:21 AM
Troubled cement maker Athi River Mining is set for liquidation in the next five months and eventual delisting from the Nairobi Securities Exchange after more than two years under administration failed to revive its operations.
The EastAfrican has learnt that the transition of the company to liquidation from administration is set to take place on September 30 with the joint administrators becoming joint liquidators to facilitate an orderly winding-up of the affairs of the company and its subsidiaries, in line with the mandate of a liquidator as set out in the Insolvency Act (2015).
The company’s stock was suspended from trading on the NSE indefinitely, effective May 8, 2020.
The joint administrators — George Weru and Muniu Thoithi of PricewaterhouseCoopers (PWC) — revealed in a letter to the creditors dated April 19 that the once largest regional cement maker can’t be salvaged and that it is unlikely that their claims will be settled in full from the proceeds of the ongoing disposal of the firm’s shares to investors.
“Considering that material assets and interests of the company are in the final stages of being disposed and further that, based on realisations, it is unlikely that the creditors of the company will be settled in full, the only available exit option from the administration process is to transition the company into liquidation, the joint administrators said in a letter seen by The EastAfrican.
“The administrators are working towards completing the affairs of the administration of the company by September 30, 2021, to facilitate the transition into liquidation.”
According to the administrators, the secured creditors of ARM are estimated to recover between 34 percent and 70 percent while the unsecured creditors are expected to recover between 1.8 percent and 6.5 percent from the sale of the company’s assets (including subsidiary interests).
According to the administrators, the higher recoveries of 70 percent and 6.5 percent would only be achieved if the Tanzanian Revenue Authority tax claim of $22 million in respect to the sale of Maweni Limestone Ltd and the Kenya Revenue Authority tax claim of $4 million in respect to the sale of the Kenyan business to the Devki Group is resolved in favour of ARM.
The proposal for the existing joint administrators to become joint liquidators of the company was approved by the creditors at a meeting held on October 23, 2018.
During the same meeting the creditors also approved the implementation of a robust, competitive and transparent transaction process aimed at identifying strategic or financial investor(s) in ARM in connection with a recapitalisation of the company, and/or a sale of all or some of the assets of the company and/or a comprehensive restructure of its debt obligations.
The Insolvency Act (2015) allows financially distressed companies to go through an administration process to explore possible ways of recovery before being pushed into liquidation.
Administration is a tool designed to offer breathing space for insolvent companies by giving them an opportunity to put their operations in order rather than kill them through liquidation as was the case in the previous law.
ARM, which was put under administration by the United Bank of Africa over a loan default on August 17, 2018, has failed to recover from financial scars afflicted by the mismanagement of its former directors and the assets and businesses it has put on sale are not enough to pay off close to $284 million debt.
In October 2019, the administrators completed the sale of all cement and non-cement assets and the business of ARM Cement PLC in Kenya to National Cement Company Ltd, which is owned by the Devki group of companies at $50 million. However, $4.3 million of the proceeds of the sale have been locked up by the Kenya Revenue Authority in respect of contested tax claims and are not available for distribution to secured creditors.
In Tanzania, ARM completed the sale of all the shares it held in Maweni Limestone Ltd, its main subsidiary, to Huaxin Cement Co. Ltd through its subsidiaries Huaxin (Hong Kong) International Holdings Ltd and Huaxin (Tanzania) Investment Ltd for a capital injection $116 million.
The transaction was completed in May 2020, but the Tanzania Revenue Authority imposed a $22 million capital gains tax (CGT) on the profit of the sale, which the joint administrators have contested.
“The administrators are currently pursuing resolution of this tax claim in order to unlock a surplus to be transferred to ARM for further distribution to ARM’s creditors,” according to the administrators. The administrators have also received offers to purchase the shares and the assets of ARM (Tanzania) Ltd and discussions are ongoing with the most responsive bidder with a view to agreeing and concluding the transaction.
Like the Maweni transaction, any surplus from this transaction after the settlement of all the creditors of ARM Tanzania, will be transferred to ARM for the benefit of its creditors
In South Africa, ARM subscribed to 70 percent of Mafeking shares in May 2009 and signed a shareholders’ agreement, which provided for certain activities, related to the development of the deposit held by Mafeking, that ARM needed to fulfil within a prescribed period. In February 2019, the minority shareholders filed a petition seeking cancellation of the shareholders’ agreement and ceding of ARM’s shares in Mafeking to themselves, citing non-performance by ARM.
As a result, administrators have taken steps to defend this petition and, in parallel, sought to reach amicable settlement of the dispute with the minority shareholders.
The EastAfrican has learnt that the determination of the court matter is likely to be concluded at the end of June, with the key objective of defending the matter being to minimise costs and exposure from the litigation and holding costs.
In Rwanda, the administrators received the approval of the Rwanda Development Board’s Registrar-General in January this year to commence the liquidation of Kigali Cement Company Ltd with the objective of settling any claims against the company and achieving an orderly wind-up of the affairs of the subsidiary.
Kenya: Athi River Mining set for liquidation, delisting at the NSE - african markets
Troubled cement maker Athi River Mining is set for liquidation in the next five months and eventual delisting from the Nairobi Securities Exchange after more than two years under administration failed to revive its operations.
Geza Ulole
JF-Expert Member
- Oct 31, 2009
- 65,136
- 91,917
Teargas
JF-Expert Member
- Mar 28, 2021
- 21,849
- 24,773
Naivas ni ya muindi?
Quickmart ni ya muhindi?
Equity ni ya Muhindi?
KCB ni ya muhindi?
Royal Media Services ni za muhindi?
Mombasa cement ni ya muhindi?
Cooperative Bank ni ya muhindi?
Centum real estate ni ya muhindi?
Brookside ni ya muhindi?
KCC ni ya muhindi?
Keroche Breweries ni ya muhindi?
Ausar
JF-Expert Member
- Mar 19, 2021
- 2,369
- 3,800
Ila mbona ni nyie pia mnaoongoza kwa unemployment rate kubwa kuliko majirani zenu hadi mnalilia mpewe kazi kwa wenzenu
Teargas
JF-Expert Member
- Mar 28, 2021
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Ebu tutajie retail outlet yoyote from Tanzania that gave uchumi na nakumatt competition. I'm sure you don't know what you are talking about, nakumatt and uchumi got out of tanzania because (1) Low purchasing power among Tanzanians, (2) They already had troubles in Kenya with the suppliers, kra and landlords. The day Tanzania will give rise to any retail outlet please let us know.
Ausar
JF-Expert Member
- Mar 19, 2021
- 2,369
- 3,800
Duka la mangi limewatoa knockout
Ausar
JF-Expert Member
- Mar 19, 2021
- 2,369
- 3,800
Low purchasing power na bado mnalialia mje huku....utopolo
Teargas
JF-Expert Member
- Mar 28, 2021
- 21,849
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Yes tunaongoza in unemployment lakini nyinyi mnaongoza ni extreme poverty. Does that make sense to you? Ok, let me tell you what it means, most Kenyans are self employed and they get a lot of money from their business than the employed.
Teargas
JF-Expert Member
- Mar 28, 2021
- 21,849
- 24,773
Duka la mangi ndio gari ya kuenda wapi? Ebu week picha tuione. Give us its assets and also tell us the number of branches it has.