Inside billionaires fight for Mumias Sugar deal
The entrance to Mumias Sugar Company.
Photo credit: File | Nation Media Group
What you need to know:
- Mr Raval, through his Devki Group, offered Sh8.4 billion while Rai under his West Kenya Sugar offered Sh3.5 billion.
- According to the receiver-manager, Ponangipali Rao, a total of eight bidders submitted their bids to lease the troubled sugar factory.
Businessman Julius Mwale has placed the highest bid of Sh27.6 billion for the leasing of Mumias Sugar, trouncing billionaire Rai family and steel tycoon Narendra Raval.
Tumaz and Tumaz enterprises, the company associated with the Mwale City investor topped the bids in its offer to run the troubled miller for 20 years.
Mr Raval, through his Devki Group, offered Sh8.4 billion while Rai under his West Kenya Sugar offered Sh3.5 billion.
According to the receiver-manager, Ponangipali Rao, a total of eight bidders submitted their bids to lease the troubled sugar factory.
The disclosure underlines months of the behind-the-scenes fight for the control of the once top miller by wealthy investors.
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