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 […]
Employees at the troubled Mumias Sugar Company want investors who will win the leasing bid to factor in their Sh2 billion arrears that the collapsed miller owes them. Reacting to recent proposal by a Kakamega businessman on how money will be apportioned in different departments at the miller, the employees say it is regrettable that […]
Businessman Julius Mwale, who placed a Sh27 billion bid in the leasing of ailing Mumias Sugar, has proposed a Sh2.2 billion to farmers in a bid to woo them back into sugarcane farming. Mr Mwale, through his Tumaz & Tumaz Enterprise, said the money would be channelled towards growers through the Mumias Outgrowers Company for […]
[ 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 […]
Mumias Sugar company [Photo/Courtesy] Former military man Julius Mwale has offered Ksh27.6 billion in a bid to acquire struggling Mumias Sugar Company, dwarfing offers by businessman Narendra Raval and the Rai family. Raval through Devki Group had offered Ksh8.4 billion while the Rai family through West Kenya Sugar had offered Ksh3.5 billion. Tumaz and Tumaz […]
Controversial businessman Julius Mwale has placed the highest bid of Sh27.6 billion for the leasing of Mumias Sugar, trouncing billionaire Rai family and steel tycoon Narendra Raval. Tumaz and Tumaz enterprises, the company associated with the Mwale City investor topped the bids in its offer to run the troubled miller for 20 years. Mr Raval, […]
In western Kenyan villages, children are traditionally given chicken legs or wings, sometimes even soup as they fall behind the line in the pecking order of the family meal. The best they can do is steal eggs and eat them but that comes with nasty consequences. Small suppliers have always ended up with the shorter […]
• The tender for the leasing of the factory closed on August 31, but could not be opened because of a court order obtained by some of the shareholders. • Judge Okwany said the court only stopped the evaluation of the bids pending the outcome of the application. STABILISING FIRM: P V Ramana Rao, appointed […]
[PHOTO/ COURTESY] Rwanda is set 4,072 tons of sugar to Kenya, joining the league of sugar exporters to Kenya in the Common Market for Eastern and Southern Africa (Comesa) region. This comes at a time Kenya targets to import at least 210,163 tonnes of sugar from Comesa region, with shipments from Eswatini, Zambia, and Mauritius […]
Operations taking place at Naivasha Inland Container Depot A consortium of investors is counting billions of shillings in loss after Kenyan authorities resolved to destroy a Ksh1.4 Billion haul that they had imported from Zimbabwe. Sirocco Investments (K) Ltd imported 20,000 tonnes of brown sugar from Zimbabwe. The company is among 200 companies licenced to […]
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