Airtel Kenya is surviving on a series of shareholder loans from its parent company most of which it is unable to service, its financial filings show. Kenya’s second-biggest telco has revealed that the shareholder loans from its holding firm Bharti Airtel Kenya BV shot up to Sh52.2 billion in the year ended December 2020 from […]
The battle over the Mumias Sugar Limited (MSC) lease award to a Uganda based firm has taken a new twist after another firm sued for contempt of court. The legal fights have deepened with a new application to jail Sarrai Group directors and the receiver-manager Ponangipalli Venkata Ramana Rao. This happened after Sarrai asked the […]
Mumias Sugar Company. [Nathan Ochunge, Standard] The closure and scaling down of large companies operating in western Kenya as well as constrained power supply to the region has over the last decade resulted in a sharp drop in power consumption. State-owned sugar millers and the Panpaper mills are among the companies that have either shut […]
The Ugandan investor who won the Mumias leasing award will invest Sh1.1 billion to jump-start operations at the ailing miller. Sarrai Group said the funds, which are only the first batch of capital, would be key to starting the operations at the initial stage with more funds to be injected in due course. The leasing […]
Officials of a Ugandan company, which bagged the multibillion shilling leasing tender for Mumias Sugar Company now risk the slammer after an application for contempt was filed against them, for starting work despite a court order stopping the process. Tumaz & Tumaz Enteprises moved to court on Thursday accusing Mr Sarbjit Rai, the owner of […]
Kenya which had for over a decade blocked Uganda’s sugar from accessing its market including recurrent disputes over cross border trade and protectionism, the unthinkable has happened. Details reaching Taarifa Business desk indicate that Kenya’s troubled Mumias Sugar company has been leased to a Ugandan firm triggering tough protests from local Kenya bidders. Two firms […]
Two firms that placed the highest financial bids for leasing troubled Mumias Sugar have protested the move by KCB receiver manager to award the tender to a Ugandan company, arguing evaluations on technical capacity should have been done by a third party. Kruman-Finances and Tumaz & Tumaz now argue that Sarrai Group –which runs three […]
A Ugandan firm that won the lucrative bid to lease Mumias Sugar Company might not savour its victory yet after a case was filed in court yesterday to challenge the contract. Barely a day after Sarrai Group was announced as the winner of the 20-year lease, Tumaz and Tumaz Enterprises Ltd , a firm associated […]
Ugandan agro-manufacturing giant Sarrai Group has secured the lease for the assets of Mumias Sugar after emerging top in a bidding process that lasted four months. The firm, which had placed a bid of Sh11.5 billion, will now attempt to revive Mumias Sugar, riding on its strong presence in Uganda’s sugar sector, where it produces […]
Entrance gate at Mumias sugar company. PHOTO | ISAAC WALE | NMG The 20-year lease, however, excludes assets in the firm’s ethanol and cogen plants, which recently were seized by Pan-African lender Ecobank and French development financier Proparco from KCB Group. Mumias, which used to be Kenya’s leading producer at more than 250,000 tonnes a […]
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