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The Privatisation Commission has been given nod to sell stakes in State-owned sugar factories to a strategic investor, farmers and employees. The transactions will be completed in the next nine to 12 months.
The move aims at raising cash for rehabilitation of millers and make them more competitive and efficient. The millers are in dire need of modernisation to survive competition after the entry of other sugar producers and an impending end to sugar import limits from the Common Market for Eastern and Southern Africa (Comesa) trade bloc after the end of a one-year extension given early this year.
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