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 […]
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 […]
Assets of the ailing Mumias Sugar Company have been leased to Uganda-based conglomerate Sarrai Group, the miller’s receiver-manager Pongangipalli Venkata Ramana Rao has disclosed. 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. “Although the […]
[FILES] Nigerian Exchange Group (NGX). Photo/facebook/ngxgroup Trading activities on the floor of the Nigerian Exchange (NGX) sustained a sliding profile yesterday due to losses in the shares of many blue-chip firms, especially MRS and Chams, causing market capitalisation to depreciate further by N71 billion. Specifically, market capitalisation of listed equities declined by 0.31 per cent […]
As the year winds down, companies are beginning to issue their earnings forecast for the quarter ahead, which to a considerable extent will give investors a view of things to come. Yet, what will probably offer the best assurance for sound investment decisions at this time are sound fundamentals that can broaden companies earnings power […]
A picture illustration of dividends Fifty one out of the 156 firms quoted on the Nigerian Exchange Limited have not paid dividends in at least five years, with some reaching as far back as 26 years ago. That means roughly one in every three companies on the Nigerian bourse has not paid dividend to shareholders […]
Kayode Tokede Ecobank Transnational Incorporated Plc (ETI) for the nine months ended September 30, 2021 audited result and accounts reported stronger growth in profit, attributable to reduction in impairment charges on loans & advances to customers and effective management Operating Expenses (OPEX). The results underlined solid and resilient results amid numerous domestic and foreign challenges […]
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 […]
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 […]
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 value of investments can go down in value as well as up, so you could get back less than you invest. Past performance does not necessarily indicate a financial product’s future performance. This website aims to provide information to help you make your own informed decisions. Our publications, ratings and analysis should be viewed as an additional investment resource, not as your sole source of information. This website does not provide personal advice based on your circumstances. To obtain advice tailored to your situation, please contact a professional financial adviser.