1. ARM.
Athi River Mining Company, also known as ARM Cement Limited, has faced significant challenges in recent years. Here's what happened ¹ ² ³:
- *Financial struggles*: ARM Cement's financial difficulties began in 2014 when the company expanded into the Tanzanian market, which was dominated by Dangote Cement and Heidelberg's Tanzania Portland Cement Company. The company's market share plummeted to 10% due to the high competition.
- *Administration and liquidation*: In August 2018, ARM Cement was placed under administration by the United Bank of Africa due to a loan default. The company's shares were suspended from trading on the Nairobi Securities Exchange in May 2020. After failing to recover, ARM Cement's joint administrators recommended liquidation, which was expected to commence on September 30, 2021.
- *Asset sales*: During the administration process, ARM Cement sold some of its assets, including its Kenyan operations to National Cement (Simba Cement) in 2019 for KSh 5 billion and its Tanzanian subsidiary, Maweni Limestone Limited, to Huaxin Cement for $116 million in 2020.
- *Debt and creditor claims*: ARM Cement's total debt burden was approximately $284 million when it went into receivership. The company's creditors, including secured and unsecured creditors, are expected to recover a portion of their claims through the liquidation process.
- *Current status*: ARM Cement is no longer operational, and its assets are being liquidated to settle creditor claims. The company's liquidation process is ongoing, with the joint administrators working to wind up the company's affairs.

*Key events timeline:*
- *1974*: ARM Cement was founded as Athi River Mining Limited by Harjivandas J. Paunrana.
- *1997*: The company was listed on the Nairobi Securities Exchange.
- *2014*: ARM Cement expanded into the Tanzanian market.
- *2018*: The company was placed under administration due to financial struggles.
- *2020*: ARM Cement's shares were suspended from trading on the Nairobi Securities Exchange.
- *2021*: The company's liquidation process commenced.