Western Kenya politicians have opposed a move by the Kenya Commercial Bank (KCB) to lease out debt-ridden Mumias Sugar Company. The leaders have protested that there was neither public participation nor were key players consulted before the lease was executed. The bank placed the miller under receivership after it defaulted on loans amounting to Sh500 […]
File image of Mumias Sugar Company. PHOTO / COURTESY Devki Group of Companies has withdrawn its bid to lease the troubled Mumias Sugar Company. In a statement issued on Friday, Devki Group Chairman Narendra Raval cited increased public scrutiny on the transaction following the submission of the application. “Given the ongoing public interest which the […]
Devki Group founder and CEO Narendra Raval. FILE PHOTO | NMG Steel billionaire Narendra Raval has withdrawn his bid in leasing ailing Mumias Sugar Company, dealing a blow to the revival of the miller that has not been in production for over two years. Mr Raval, who was planning to inject Sh5 billion to modernise […]
KCB Group #ticker:KCB has been barred from selling any movable assets of indebted Mumias Sugar amid creditors’ fears that the lender look set to dispose of some properties to recover Sh545 million loan Justice Alfred Mabeya restrained KCB receiver—Pongangipalli Venkata Ramana Rao—from selling part of Mumias Sugar following a court petition from 100 creditors owed […]
Narendra Raval, chairman, Devki Group of Companies during an interview at his Ruiru office on April 19, 2021. PHOTO | DIANA NGILA | NMG Mumias Sugar Company has been on its deathbed for a while now. The entry of KCB Group-appointed receiver-manager in November 2019 marked a sad turning point in the once giant sugar […]
Narendra Raval, chairman, Devki Group of Companies during an interview at his Ruiru office on April 19, 2021. PHOTO | DIANA NGILA | NMG Steel tycoon Narendra Raval plans to invest Sh5 billion in modernising Mumias Sugar #ticker:MSC ageing plant and develop cane in the latest bid to revive the once top miller that stopped […]
Narendra Raval, chairman, Devki Group of Companies during an interview at his Ruiru office on April 19, 2021. PHOTO | DIANA NGILA | NMG Steel tycoon Narendra Raval is seeking to revive Mumias Sugar through a leasing deal that seeks to save the once top miller. Mr Raval, who founded Kenyan steel and cement manufacturer […]
Narendra Raval, chairman, Devki Group of Companies during an interview at his Ruiru office on April 19, 2021. PHOTO | DIANA NGILA | NMG Steel tycoon Narendra Raval is seeking to revive Mumias Sugar through a leasing deal that seeks to save the once top miller. Mr Raval, who founded Kenyan steel and cement manufacturer […]
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Entrance to Muias Sugar Company. FILE PHOTO | NMG Mumias Sugar Company has resumed ethanol production after a factory shutdown for nearly two months following a shortage of molasses. The miller has been relying on ethanol, which is now the main revenue stream, after milling of sugar stalled over two years ago as farmers stopped […]
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