State seeks major investors for local sugar factories

National Assembly’s Committee on Finance, Planning and Trade chairman Benjamin Langat has said the State is scouting for an investor to purchase 51 per cent of shares in each of the sugar factories and run the factories as part of the privatisation programme of the sugar industry.

Speaking during a fundraiser at Kapchebwai Primary school, in the sugarcane growing area of Soin/ Sigowet constituency in Kericho County, Langat claimed Mumias sugar factory plunged into management and financial crisis since shares had been sold in small fragments to around one million shareholders.