Entrance to Sony Sugar Company from the Migori-Kisii highway and sugarcane farms in Migori County. [Photo | The star. ]
The process of selling state owned sugar millers has now kicked off barely a week after high court set injunction obtained by governors stopping the sale of the five millers arguing out that they had not been consulted.
While speaking on Tuesday, Agriculture cabinet secretary Willy Bett said that the government will today meet with governors and key stakeholders to fast-track the sale process and complete it as soon as possible.
“We are meeting county officials, millers and other key stakeholders on Thursday in Kisumu to discuss the way forward on privatisation of these state-owned millers,” said Mr Bett.
According to the plans by the government, 51 per cent of stake at Miwani, Chemelil, Nzoia, Sony and Muhoroni will be sold to strategic investors while the 24 per cent of shares for farmers and employees reserved.
The government will also be disposing the remaining 24 per cent of shares through a public offering once the five factories are profitable. Privatisation of the five State owned sugar millers is aimed at pumping capital to revive debt struggling millers as they even try to return them into profitable state.