ARM Cement Ltd., Kenya’s second-largest maker of the building material, is considering selling Eurobonds to help fund a planned $300 million expansion program, Managing Director Pradeep Paunrana said.

The sale of debt will follow the Kenyan government’s planned offering of as much as $2 billion of the securities by January, Paunrana said in a Nov. 5 interview in the capital, Nairobi. The company intends to double cement production within four years from 2.5 million metric tons in 2012, Deputy Managing Director Surendra Bhatia said in the interview.

Kenya’s sale of Eurobonds “will set the stage for other corporates to tap into the Eurobond markets,” Paunrana said. “That is one of the events we are looking at anxiously as we plan our own capital raising.”

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