Mumias Sugar Company management has confirmed that privatization is not the only solution to the troubled firm.
Mumias Sugar is seeking a strategic and potential investor to enable full business recovery after posting KSh15.1 billion loss in the year ending June 2018.
“The board is seeking to enlist the support of the lenders to identify a suitable and competent strategic partner to enhance the financial capabilities to enable full business recovery,” said Kennedy Ngumbau, the board chairman.
In the period under review, the firm posted Ksh.15.1 billion net loss, double the previous year’s Ksh.6.7 billion loss.
It attributed the loss to Ksh.4.9 billion impairment of its plant and machinery and low production following its plant shut down in the first and 4th quarter of the financial year under review.
Its turnover for the year reduced to Ksh.1.37 billion compared to Ksh.2.09 billion it posted in the previous year.