Done deal as RUTO begins selling Western sugar companies, among them Mumias, to his billionaire ‘friends’– Look!

Tuesday, January 16, 2024 - President William Ruto has followed through on his threat to sell Western sugar companies to the highest bidders to prevent them from incurring losses.

Ruto advanced his plan to privatise sugar companies after the Ministry of Agriculture advertised bids from private investors.

In a notice in the local dailies on Tuesday, the State Department for Agriculture indicated leasing public sector-owned sugar companies. 

It thus demanded a deposit of Ksh10 million from prospective investors as security during the bidding process.

The Head of State first made public his plans to privatize sugar companies in October last year, arguing that the move would make them profitable and revitalize the sector. 

During a public address at the time, he insisted that the state would ensure prudent management of the factories to safeguard the interests of farmers.

Ruto insisted that the terms of engagement with the private investors will centre around providing value to farmers and increasing their earnings.

“We will agree with them to install new machines and pay farmers on time,” he told a congregation.

In the latest advertisement, interested parties were asked to pick detailed documents at Kilimo House after parting with a non-refundable fee of Ksh5,000.

For the better part of his first year in office, the Head of State revealed that he was on a mission to improve public sector sugar millers which had been reeling under a mountain of debt. 

In August last year, he authorized the state to write off Ksh117 billion owed by five government-owned companies.

The sugar companies set to be sold include Mumias, Chemelil, South Nyanza, Nzoia, Muhoroni, and Miwani sugar factories.

The Kenyan DAILY POST