Entrance gate at Mumias sugar company. PHOTO | ISAAC WALE | NMG The Mumias deal effectively puts the multibillion-shilling Kenya and Uganda sugar business in the Rai family. For Sarbi, the Mumias Sugar deal sets the stage for market share war with Jaswant, whose family controls half of the commodity’s sales in Kenya. The cross-border […]
Pan-African lender Ecobank and French development financier Proparco have seized the prime assets of Mumias Sugar Company from KCB Group #ticker:KCB , setting the stage for a vicious court battle that could throw the planned leasing of the ailing miller into disarray. Ecobank filed a notice on November 29 with the Attorney-General’s office indicating it […]
NSE has been seeking ways to manage issues raised about the recovery board. PHOTO | FILE The Capital Markets Authority (CMA) confirmed that an agreement has been reached with the NSE to operationalise the board after the resolution of all outstanding issues. Under the arrangement NSE will be required to put companies on the recovery […]
Appointment of a receiver-manager often heralds the last rites of a dying company. Such appointments are akin to a kiss of death as very few if any have managed a turn-around. As noted by Justice Alfred Mabeya recently, "receivership was a selfish, and destructive affair that was only self-centred concerned with the heavy remuneration of […]
The Capital Markets Authority (CMA) has barred listed firms with negative equity from rolling out share buybacks, locking out cash-strapped companies from the process largely applied to correct perceived undervaluation of stock. The regulator has ruled that directors of the companies which intend to repurchase stock from the market should ensure “assets … are equal […]
KCB Group #ticker:KCB has lost full control of running troubled Mumias Sugar Company after the High Court directed it to involve other creditors in the operations and planned leasing of the ailing miller. Justice Alfred Mabeya directed the KCB appointed receiver manager — Pongangipalli Venkata Ramana Rao — to involve and seek the nod of […]
Mumias Sugar Company entrance. Tumaz and Tumaz Enterprises a company associated with Mwale City Investor Julius Mwale has hired JPMA (J P Mukherji & Associates), is set to run Mumias Sugar if it wins the bid. JPMA is an Indian company running Dangote Sugar refineries in Nigeria. Tumaz and Tumaz emerged as the top bidder […]
Businessman Julius Mwale who placed Sh27 billion bid in leasing of ailing Mumias Sugar has tapped an Indian firm running Dangote Sugar refineries in Nigeria to manage the Kenyan miller. Mr Mwale through his Tumaz and Tumaz Enterprise says it has inked a deal with J P Mukherji & Associates (JPMA) to help revive Mumias […]
[ Courtesy ] Commercial banks are cutting their loan exposure to State-owned enterprises (SOEs) amid increased default risk. This is as some of the parastatals tap borrowings to pay salaries. Latest Central Bank of Kenya (CBK) data shows that banks’ net loan book to parastatals fell for the three consecutive months to close July at […]
The much-awaited public bidding for Mumias Sugar Company, which is under receivership managed by PV R Rao was held on October 6 in Nairobi. According to the receiver-manager Ponangipali Rao, a total of eight bidders submitted their bids in a public effort to lease the troubled sugar factory, with the top three bidders offering more […]
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