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Unga Group of Kenya Rises as Corn Shipments Improve Grain Supply

Unga Group Ltd. (UNGL), a Kenyan grain miller, rose for a second day after The Star reported the first shipment of duty-free corn had been delivered to the country facing drought and a grain shortage.

The stock rose 0.5 percent to 10 shillings by 2:34 p.m. in Nairobi. A close at this level would be the highest in a week.

Kenya received a shipment of 8,560 metric tons of corn from Zambia and Malawi following drought that caused an increase in retail prices, the Star reported, citing Boniface Mghanga, a Kenya Ports Authority public relations officer.

The east African nation lowered the tax on imported corn to 10 percent from 50 percent, to offset the rising cost of living, Finance Minister Uhuru Kenyatta said in his budget speech on June 8.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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