Investor’s Sh27B tops Mumias Sugar bid

By , K24 Digital
On Wed, 6 Oct, 2021 02:07 | < 1 min read
The Mumias Sugar Company Limited was on Tuesday, September 24, 2019, placed under receivership by KCB. [PHOTO | FILE]

The much awaited public bidding for Mumias Sugar company, which is under receivership managed by PV R Rao was held on Wednesday October 6 2021 at Westlands in Nairobi.

A total of eight bidders submitted their bids in a public effort to lease the troubled sugar factory, with top three bidders offering more than Kshs. 10 billion for the factory’s leasing.

Tumaz and Tumaz enterprises, the company associated with Mwale City investor Julius Mwale topped the bids with Kshs. 27.6 billion over a 20-year lease period.

The second highest bid was Kruman Finances with Kshs. 19.7 billion for a 25-year lease.

Kruman Finances is associated with French and Turkish investors. Transmara Group (Sarai) closed the top three bids with Kshs. 11.5 billion over a 20 year lease period.

Other bidders were Pandhal Industries with Kshs. 9.7 billion over 20 years lease. Kibos Sugar bid came in at Kshs. 8.8 billion.

Devki at Kshs. 8.4 billion over 20-years lease and West Kenya Sugar was Kshs. 3.5 billion.

A Mauritius based company Sucrie Des Mascarelgnes Ltd also participated but did not disclose the value of its bid.

The receiver manager PV R Rao had earlier in the year testified in the Senate and promised to conduct a transparent bidding process for the troubled miller’s intended lease.

The bid announcement exercise marked the first step in the bidding process and the receiver manager is yet to inform of the next steps after announcing the bids.

Are you a Kenyan in the diaspora with a story to tell? Do you know someone of Kenyan origin doing something remarkable in the diaspora? Do you have an opinion that you would like to share? Email us at [email protected]

Related Topics