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Mumias Sugar huge demand
Rank: Elder Joined: 7/11/2012 Posts: 5,222
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murchr wrote:Statehouse Kenya wrote:Mumias Sugar company board taken to task over poor performance Nairobi, 30th July, 2013 - PSCU
Mumias Sugar Company Board of Directors has been taken to task over the company’s poor performance.
At a meeting with President Uhuru Kenyatta and Deputy President William Ruto, Members of Parliament from Western Kenya asked that directors of the Sugar Company be summoned to explain what they saw as a downward spiral. The meeting was convened to discuss the Jubilee’s development agenda for the region.
“We cannot allow the company to collapse under our watch,” President Kenyatta said. President Kenyatta said he would urgently look into the subject.
The MPs, led by Lugari MP Ayub Savula discussed a broad agenda, including revival of Pan-Paper Mills, infrastructure and transformational projects such as the dairy industry.
The President said Government would explore how to revive Pan-Paper Mills, which is a major employer in the region.
President Kenyatta called on the MPs to encourage the residents to engage in dairy and other types of farming as the area has good weather and soils, instead of relying solely on sugarcane.
President Kenyatta was responding to issues raised by the legislators during the meeting.
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Ends… Maybe there is hope afterall 
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Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
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Since I took a sojourner from the NSE, inakaa ni visanga galore.......Im happy I drank it all.  TULIA.........UFUNZWE!
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Rank: Member Joined: 8/30/2010 Posts: 183 Location: Migingo
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http://www.businessdaily...-/106h05iz/-/index.html
Mumias Sugar finance director Chris Kisire has resigned, less than a year after he was appointed. The company announced on Monday Mr Kisire's resignation effective July 31, adding that his position had already been taken by former Treasury Accountant Geoffrey Ouma in an acting capacity. Mr Kisire was appointed finance director last September; replacing Peter Kebati who was appointed CEO after the current Governor for Nairobi Evan Kidero quit the position to run for political office. The country’s biggest grower and miller of sugar plunged into a loss of Sh1.58 billion in the first half to December from a profit of Sh1.26 billion in a similar period a year ago. The company warned in February that its profit would tumble by at least a quarter in its full fiscal year to end-June 2013 after drought hurt its cane output and earnings in the first six months. Don't Work for Money, Let Money Work for You..
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Mumias Sugar tops list of local millers unable to sell product, finance director resigns. Nine sugar factories in the country are in a crisis after accumulating more than 20,000 tonnes of the commodity which they are unable to sell due to suspected dumping of duty-free sugar from Uganda and Tanzania. Kenya Sugar Board (KSB) data shows millers were holding at least 19,992 metric tonnes of sugar in their warehouses as at August 2. Mumias Sugar accounted for 30.5%, almost three times the next miller. The millers have raised concerns over what they refer as massive dumping of duty-free sugar from Uganda and Tanzania which they say is unprecedented because the two countries are sugar-deficit. For example, sugar imports from Uganda have increased from an all-time low of 73 tonnes reported in 2011 to more than 30,000 tonnes in 2012 and more than 15,000 tonnes by July 2013. KSB has intensified surveillance as a result of massive imports and was working closely working with Kenya Revenue Authority, police, Uganda Sugar Manufacturers Association and authorities in Tanzania to eliminate any possibilities of cheating- with the regulators- going beyond certificates of origin and in addition carrying out laboratory tests. Kenyan market sugar prices are generally much higher than regional and global prices, partly due to higher production costs in Kenya and low sucrose yield. Kenyan sugar is mainly grown in western Kenyan in small acreage rather than large plantations, and under rain fed agriculture rather than irrigation, with most of the cane having long maturities. Most sugarcane in Kenya is also supplied to sugar only factories rather than integrated facilities which would produce a variety of products such as electricity and ethanol. ( Daily Nation, Standard Investment Bank)
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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No recovery in sight, cut your losses and run Thieves
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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georgegop wrote:http://www.businessdailyafrica.com/Corporate-News/Kisire-resigns-as-Mumias-Sugar-finance-director/-/539550/1937752/-/106h05iz/-/index.html
Mumias Sugar finance director Chris Kisire has resigned, less than a year after he was appointed.
The company announced on Monday Mr Kisire's resignation effective July 31, adding that his position had already been taken by former Treasury Accountant Geoffrey Ouma in an acting capacity.
Mr Kisire was appointed finance director last September; replacing Peter Kebati who was appointed CEO after the current Governor for Nairobi Evan Kidero quit the position to run for political office.
The country’s biggest grower and miller of sugar plunged into a loss of Sh1.58 billion in the first half to December from a profit of Sh1.26 billion in a similar period a year ago.
The company warned in February that its profit would tumble by at least a quarter in its full fiscal year to end-June 2013 after drought hurt its cane output and earnings in the first six months. Where is @Mawinder?????  "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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simonkabz wrote:Since I took a sojourner from the NSE, inakaa ni visanga galore.......Im happy I drank it all. possunt quia posse videntur
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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murchr wrote:georgegop wrote:http://www.businessdailyafrica.com/Corporate-News/Kisire-resigns-as-Mumias-Sugar-finance-director/-/539550/1937752/-/106h05iz/-/index.html
Mumias Sugar finance director Chris Kisire has resigned, less than a year after he was appointed.
The company announced on Monday Mr Kisire's resignation effective July 31, adding that his position had already been taken by former Treasury Accountant Geoffrey Ouma in an acting capacity.
Mr Kisire was appointed finance director last September; replacing Peter Kebati who was appointed CEO after the current Governor for Nairobi Evan Kidero quit the position to run for political office.
The country’s biggest grower and miller of sugar plunged into a loss of Sh1.58 billion in the first half to December from a profit of Sh1.26 billion in a similar period a year ago.
The company warned in February that its profit would tumble by at least a quarter in its full fiscal year to end-June 2013 after drought hurt its cane output and earnings in the first six months. Where is @Mawinder????? Two weeks not yet over.He is lucky he obeyed my instructions.
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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At 3.5 and below I will pile into this thing like a problem! Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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^ habari ndiyo hiyo #TradersOnly v 
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Kenya Sugar Board (KSB) ties sugar mill licenses to power generation#Mumias Sugar is fully compliant with this new policy. #Woe unto the others
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Dumping talk sours regional sugar dispute Saulo Busolo, a KSB director, said the dumping would get worse if the comesa safeguard mechanism expiring in March next year is not renewed. “Our industries will not survive the stiff competition from Comesa states,” he said.
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Rank: Elder Joined: 6/8/2013 Posts: 2,517
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This monkey will surely become a paka  sukari imeingia sumu  amp; amp; amp; #somebody tell Uhuru to look for another .. Kathleen Kihanya to rebrand and make things happen and turn it round rinks: Kathleen Kihanya : Branding Mumias SugarKihanya Profile  "😖😡KQ makes money for everyone except the shareholder 😏😏 " overheard in Wazua
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Rank: Member Joined: 8/6/2013 Posts: 640
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Why not diversify into producing something else, its best when u specialise in areas where you produce competitive goods Its all good.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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mwekez@ji wrote:^ habari ndiyo hiyo #TradersOnly v Converged bollinger bands with price tagging the lower band. Sizable down move coming. I have stated countless times the 'get out of jail' card was dealt at 5/- high after that Feb profit warning bounce. I posted the chart below a day after the volume spike and warned the same volume pattern appeared on KK and KQ before they took a plunge. Sub 4/- is not an if, but a when on MSC.
@guru - you will likely get overfilled at 3.50/- Place your bid lower!
** Btw that BBK volume spike before H1 results will push it down. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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CEO may face mass demonstrations calling for his resignation.I am not a keen investor in the NSE but the kind of stuff that goes on in this company,I cannot buy its shares even for 2 bob.Companies dont just collapse in one day,it takes time and Mumias is headed there.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Mumias Sugar Drops Most in 5 Months on Price Cut: Nairobi Mover Mumias Sugar Co., Kenya’s largest miller of the sweetener, plunged the most in more than five months after Sterling Capital Ltd. cut its price target on the company’s shares by more than half. The target was cut to 4.32 shillings from the 9.20 shillings set in July 2012
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Another fair price cut via @Contrarian.Investing.Kenya, Fair Price KES 3.50 >>> http://contrarianinvestingkenya...sugar-industry-struggles
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