Company Overview of Nzoia Sugar Company Limited
Nzoia Sugar Company Limited engages in the production and sale of sugar in Kenya. The company is based in Bungoma, Kenya.
P.O. Box 285
Founded in 1973
254 20741 42
254 20741 43
Key Executives for Nzoia Sugar Company Limited
Compensation as of Fiscal Year 2015.
Nzoia Sugar Company Limited Key Developments
Privatisation Commission Opposes Sale Of Sugar Millers To County Governments
May 26 15
A team that oversees the privatisation of government-owned companies has opposed plans by county governments to buy South Nyanza Sugar Co. Ltd., Muhoroni Sugar Company, Miwani Sugar Company, Chemelil Sugar Company Limited and Nzoia Sugar Company Limited (sugar millers). The regional governments have asked the Privatisation Commission to allow them to acquire sugar millers and pay by instalments. However, Henry Obwocha, chairman of Privatisation Commission, said on May 25, 2015, that it would be inappropriate to sell the millers to county governments. He said it would be illogical to transfer the companies from one government to another. "The challenges facing the sugar industry have largely been blamed on the involvement of the government. Why should we then transfer these challenges to another government, the county administration?" he told the Nation.
Kenya Mulls Sale Of Stakes In Five Sugar Firms
May 22 15
Kenya is planning to sell stakes in five firms. The government is planning to sell stakes in Nzoia Sugar Company Limited, South Nyanza Sugar Co. Ltd., Chemelil Sugar Company Limited, Muhoroni Sugar Company, and Miwani Sugar Company. Chairman of Privatisation Commission, Henry Obwocha said, “Government reached the decision of bailing them out completely so that the firms would look attractive to investors.” The government planned to sell 51% stakes in the companies to a ‘strategic partner’, and a further 24% to both growers and employees, Henry Obwocha said. The government currently owns at least 98% of each of the five firms and intends to retain a 25% interest in them.
Farmers To Get 24% Stake In Five Financially Troubled Sugar Firms
May 16 15
Sugarcane farmers will be allocated only a 24% stake in the five financially troubled sugar firms once privatization of the mills gets underway. According to the approved privatization strategy released by the Privatization Commission, farmers will also be required to share this stake with workers despite their call for a majority stake in the five firms — South Nyanza Sugar Co. Ltd., Muhoroni Sugar Company, Chemilil Sugar Company, Miwani Sugar Company and Nzoia Sugar Company Limited. A statement signed by Privatization Commission chairman Henry Obwacha said 51% stake will be sold to strategic partners "with a track record of managing profitable sugar companies. The proceeds of the sale will fund rehabilitation and modernization needs of the sugar companies." Such a partner will be competitively chosen. For the farmers and workers, a special purpose vehicle will be set up where shares will be placed in trust... "To give farmers more time to mobilize adequate resources to buy the allocated shares. Farmers and workers will have three years to obtain funds. The farmers have an opportunity to provide their views in a six-week window of consultations with various stakeholders. The privatization commission says it will hold further talks with farmers, county governments and other stakeholders before implementing the plan meant to revive the companies and help them compete with sugar firms in the region. "Upon completion of the consultations, the transaction implementation is expected to take nine to 12 months," Henry Obwacha added. The government will retain a critical 25 per cent stake, which it has indicated willingness to sell through an Initial Public Offering (IPO) or any other method in the future.
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