NAIROBI – (Reuters) – Kenya’s ARM Cement on Monday denied a report in the Business Daily newspaper that said it had concealed debts.
The newspaper quoted a report by ARM’s auditor Deloitte, saying debts had been accumulated by the company’s subsidiaries.
“This is absolute rubbish,” Pradeep Paunrana, ARM’s chief executive, told Reuters. He said he would comment further on the report later in the day.
Deloitte declined to comment, citing client confidentiality.
Shares in the cement maker were down more than 5 percent at 3.70 shillings by 0813 GMT.
ARM has seen its market share plunge after a clinker plant it built in Tanzania in 2014 failed to generate income.
($1 = 100.9000 Kenyan shillings)
Reporting by Duncan Miriri, writing by Louise Heavens; editing by Jason Neely