This archive report was first published on 1 August 2019.
On August 1, 2019, the Privatisation Commission announced the release of the first financial report on the planned sale of five State-owned sugar companies.
The report, which was expected to be released on Tuesday next week, captures details on the companies' financial health over the last five years, including their summary of financials, Acts governing their operations, shareholding structures, capacity, and condition of the millers.
According to the commission's chief executive, Joseph Koskey, the transaction advisor guiding the process has been on the ground conducting due diligence work, which includes reviewing the financial, commercial, operational, technical, and legal performance of the companies.
The advisor is also expected to prepare projections necessary for the financial valuation of each of the five sugar mills, namely South Nyanza, Nzoia, Chemelil, Muhoroni, and Miwani.
Plans to sell the loss-making millers have been in the cards for years, with the government announcing in October 2015 that it had written off Sh39.7 billion owed by the companies, aiming to ease their planned privatisation.
