ARM to get money to shore up its financial position. [Photo/corporate digest]As it eyes a strategic investor ARM Cement will get an additional $15 million from its key shareholders to help shore up its financial position.Part of the new money is aimed at helping ease the cement maker’s tight cash position and will mainly be channelled to its Tanzanian unit as capital expenditure, said Managing director Pradeep Paunrama.“We are looking at injecting 15 million dollars. That’s for the overall company but most of it is needed in Tanzania to get the unit running back on its feet,” in addition he said “Now that Tanzania has started making profit again we need to rebuild Tanzania, fund the working capital that is where the money is required.”ARM Cement is now banking on the entry of a strategic investor and however the cash has proved insufficient to turn around the company’s fortune.The firm is looking to strengthen its management team ahead of the entry of the strategic investor said Mr Paunrana on Monday.Mr Paunrana also said, “We have received queries from about 12 local and regional investors. The process is halfway through and by December (this year) we should be able to know which direction we are going”.Its Tanzanian operation had turned around its loss making streak on the back of improved pricing and reduced production costs.

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