Mumias East MP Benjamin Washiali says the proposal is already with National Treasury Cabinet Secretary Henry Rotich.[Photo/Nation] Struggling miller, Mumias Sugar Company, has asked for an additional Sh1.5 billion bailout from the national government.Mumias East MP Benjamin Washiali said that the miller had sent a proposal to the National Treasury seeking funds to help it back on its feet to return to profitability.“The proposal is already with the Treasury Cabinet Secretary (Henry Rotich) and we expect that he will approve it,” said the MP.Nashon Aseka Mumias Sugar Company Managing Director confirmed that the company needed Ksh 4 billion. He had also early this year indicated that it will take between three and four years to reach the full realization of the company’s five-year turnaround strategy.Seeking for the Ksh 1.5 Billion is targeted for investment in cane variety development and the miller maintenance costs. Mumias sugar competitor West Kenya Sugar Company has developed fast maturing varieties that it supplies to its contracted cane farmers to boost productivity and the general earnings for the company.Most of its farmers grow the D8484 variety of that matures within 14 months. The old day CO421 cane variety usually takes at least 18 months to be ready for harvesting
NATIONAL
Mumias sugar company asks for additional Sh1.5 billion
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