in ,

Five Sugar Millers Among 26 Companies The Government Is Selling To Offset Debt

IMAGE/ COURTESY

The government is set to sell its stake in 26 companies to private investors in a bid to fund the budget deficit, and repay debt.

Among those to be sold include 36 companies owned by the government were declared insolvent by the 2015-16 government audit report. The companies according to the audit report required at least Ksh118.76 billion to save them from collapsing.

The auditor general attributed their poor performance to pending debts amounting to billions and dating back to almost two decades ago. Also, unapproved increase in expenditure and double payment of debts owed to service providers was another reason for poor performance.

Here’s the list of the companies approved for sale:-

1. National Bank of Kenya
2. Consolidated Bank of Kenya
3. Kenya Meat Commission
4. Development Bank of Kenya
5. East African Portland Cement
6. Kengen
7. Kenya Pipeline Corporation
8. Kenya Ports Authority,

Five sugar millers
9. Chemilil,
10. Sony,
11. Nzoia,
12. Miwani
13. Muhoroni.

Read: Mumias Sugar Company CEO Nashon Aseka Suspended

14. Agrochemical and Food Corporation,
15. New Kenya Co-operative Creameries,
16. Numerical Machining Complex 17. Isolated Power stations,

hotels such as:
18. Kabarnet Hotel,
19. Mt Elgon Lodge Ltd,
20. Golf Hotel Ltd,
21. Sunset Hotel Ltd
22. Kenya Safari Lodges and Hotels Ltd).

Also targetted are: Kenya Tourism Development Corporation-associated companies, which include:
23. International Hotels Kenya Ltd,
24. Kenya Hotels Properties Ltd,
25. Mountain Lodge Ltd and
26. Ark Ltd.

It is not yet clear how much the government will earn from the sale of the companies.

Do you have a story you want told? Do you know of a sensitive story you would like us to get our hands on? Email your news TIPS to news@kahawatungu.com Also WhatsApp 0708677607 with your news tips

Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading…

0

Comments

0 comments

Kenya power

Kenya Power To Shut Down Prepaid System For Two Days, For Maintainance

Raila, Gor Mahia

They Are Just Men With ‘Two Of Them’ – Raila Advises Gor Mahia Ahead Of Everton Clash