We're resigned to lower lows each day til kingdom come. But what we need are the financial results published. The lows at that point are the ones that may freak us out.

Let me tell you what will happen with ARM, for free.

ARM urgently needs working capital. This will be provided or guaranteed as loans by CDC.

In the longer term ARM will need to strengthen its Balance Sheet. CDC will not be comfortable taking a controlling stake so a pro-rata cash call is likely or new share offer to a strategic investor is likely. Either way dilution looms.

Lastly it is unusual for a stock to hit the 10% daily limit towards ground zero without a breather. Who is selling so desparately? I suspect employees are dumping their ESOP shares.

Dilution is the name of the game. I suppose sometimes it works out fine..Look at Total - worked out very well. What I refuse to believe is that @ARM is dead which is the what all naysayers keep saying

Unga did quite well in 2015-16.

It is not 100% analogous but Unga bought Ennsvalley from the Ndegwas at a crazy high price.
Ennsvalley primary asset was debt owed by Nakumatt.
Ndegwas also own Knight Frank which manages many malls in which Nakumatt was a tenant so they knew Nakumatt was in financial trouble.
In 2016-17, Unga had to write off Ennvalley' assets & goodwill almost entirely. Plus the losses running Ennsvalley.
And Unga sold its shares in the PROFITABLE Bullpak at only 7x earnings. With the switch to paper from plastic, this business is now running 24/7.

Then in 2018, Seaboard+Victus wants to buy the Unga minority out at 40/share.

@vvs
There is enough competition to keep prices lower.
ARM cement wasn't the cheapest in the market.
We still have the following cement manufaturers even if ARM dies;
Lafarge Bamburi
Mombasa cement
Savanna
East Africa portland
Simba Cement

ARM dying won't scare other investors from listing in the NSE.
What is needed is good management and visionary leadership in kenyan companies