Post by Onyango Oloo on May 21, 2015 13:08:53 GMT 3
Kenya will offer five state-owned sugar companies for sale to private investors over the next year after writing off 59 billion shillings ($611 million) of debt, the Privatization Commission said.
The government plans to sell its stakes in Nzoia Sugar Co., South Nyanza Sugar Co., Chemelil Sugar Co., Muhoroni Sugar Co. and Miwani Sugar Co. to make the industry “more viable,” the commission said in a May 15 statement. The companies accounted for about 10 percent of the 592,100 metric tons of sugar produced in Kenya last year, according to Kestrel Capital (East Africa) Ltd., a Nairobi-based brokerage.
www.bloomberg.com/news/articles/2015-05-21/kenya-entices-investors-with-611-million-sugar-debt-write-offs