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Loss-making miller Mumias Sugar is pushing for an additional Sh2 billion bailout from the National Treasury after its half-year loss widened.
The NSE-listed miller has sunk deeper into losses, posting a Sh2.26 billion loss before tax for the six months period to December 31, 2015. The loss is a 9 per cent increase from the Sh2.08 billion loss posted in a similar period the previous year. It is this sustained dismal performance for the third year running that has prompted the miller to seek a Sh2.2 billion bailout to undertake what management calls a 'restructuring exercise'.
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