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Longer wait for ARM to cement financial results

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ARM Cement will not file its financial results in time.

The cement manufacturer, which is currently under administration, received approval from the Capital Markets Authority (CMA) to delay publishing its financial results.

Through ARM Cement’s administrators, the company announced that its financial statements will be ready by July.

The firm’s administrators, PriceWaterHouseCoopers said, “.. the company has applied for and obtained approval from CMA for a two-month time extension in order to publish the audited financial statements for the financial year ended December 2018.”

ARM Cement will therefore publish its results on or before June 30, the administrators said in a public announcement.

“The administrators have taken steps to address the challenges that have occasioned the expected delays in publication of the audited financial statements,”

[Read: Standard editor appointed Moi’s press secretary]

Audit of the firm’s accounts as well as that of its subsidiaries is however underway, the public announcement revealed. “The company expects the financial statements to be signed off by the auditors on or before June 30.”

Listed firms are usually required to publish their financial results within four months of the end of the financial year. With ARM’s end year dating December 31 2018, it means ARM Cement were required to file their financial statements with the regulatory body by end of April 2019.

The extension afforded to ARM Cement is however not an exception, as CMA has already allowed six other NSE listed firms to delay filing their financial results.

ARM Cement has been undergoing tough times, with the firm suspended from NSE trading last year and being placed under administration following balooning losses.

Part of its troubles can be traced to a decision made by the cement manufacturer to buy a clinker plant in Jinja, Uganda for which the return on investment was dire.

[See Also: Kenya, Tanzania trade wars far from over]

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Mike Njoroge
Mike Njorogehttp://www.businesstoday.co.ke
Mike Njoroge is the founder of Daystar Oracle and FootballTriangle. He is passionate about news, religion and sports. He can be reached at: [email protected]
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