Kenyan Supermarkets have begun restocking sugar from Mumias Sugar Company Limited following protracted court battles after it was put under receivership.
As of November 29, 2022 – the company was trading Ksh.0.27 per equity, according to data by Metropol Harvest.
Today, the total value of all Mumias’ shares of stock (market capitalisation) is Ksh.428 million with an outstanding shares worth Ksh.1.53 billion.
According to Diana Juma – a business analyst at Metropol Harvest, shares outstanding refers to “all the shares a company has issued and are held by investors.”
It marks the beginning of yet another boom for sugar farmers in Western Kenya who had relied on the company for years for their socio-economic activities.
A spot check by Metropol TV Digital indicated that Naivas Supermarket had begun restocking sugar products from the factory on November 26.
A two-kilogramme of Mumias Sugar is currently retailing at Ksh.312, slightly lower compared to other brands like Kabras Sugar.
In late September, the Uganda-based Sarrai Group was cleared to resume operations at Mumias Sugar Company after the Court of Appeal temporarily suspended a High Court decision to kick the firm out of running the troubled miller.
The appellate court said in a ruling that they were persuaded that the Sarrai Group together with KCB-appointed administrator PVR Rao had demonstrated that their appeal will be rendered useless if the decision cancelling the lease in April is not suspended.
Mumias was put under receivership in 2019 by KCB Bank.
It reported a net loss of Ksh.15.10 billion in the 2018/19 financial year against the previous year’s loss of Ksh.6.80 billion.