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 […]
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 […]
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 […]
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 […]
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 […]
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