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Mumias Sugar huge demand
Rank: Elder Joined: 12/7/2012 Posts: 11,901
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Njunge wrote:HaMaina wrote:Ericsson wrote:I wonder why all these "prophet of doom" theories and stories are always printed. Personally I honestly don't see how any government can sit back and watch an entire regions economic livelihood destroyed, and I shall keep buying with anything I can spare. With all due respect,i truly pity you. I cannot understand where you get energr,time and money to invest in flogging a dead horse but then....What the CEO s putting out there is a sick cry. I am 100% certain that msc does not have one litre of ethanol to sell and if they have, where would it be from since the ethanol plant has not run in more than 3 months? Any effort to revive that company will require quite some planning especially on cane development,while the factory also requires quite some investment to bring it back to efficiency of some semblance. On human capital, the company has lost the best sugar industry engineers,production team and sugar technologists in the region and getting them back on board or getting replacements will not be easy and if it happens, it will not be cheap. My fear for now is what is happening to the plant. There are reports of massive vandalism of electrical cables for copper alongside lack of power to keep their DCSs and SCADAs alive. Would i buy the stock for 5 cents.???....NOPE.....I am actually surprised CMA/NSE has continued to allow trading with utter disregard and abandon of the gullible who may be tempted to pump in their pennies on this one...   [quote=Njunge].....oh, a quick add on. The Ministry of Water and Environment disconnected water to the few remaining employees yesterday, while KPLC also isolated power to the remaining key installations last week on Thursday....it's that dark for the once vibrant community but the vultures, lead by RAi are circling ready to finish off what remains of the carcass( I am made to understand he wants to take over the company nucleus estate on lease basis)  Sad analogy but you have always been right on your calls on Mumias - wazua spirit. I will take your word at face value and stay away ..... afadhali HAFR  In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 2/7/2007 Posts: 921
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I agree it's quite sad. The saddest part is that the current acting ceo Patrick Chebosi was actually sacked by Qidero back in 2010 due to incompetence. He is the fellow the board has tasked with "running' the company. That tells you so much about the board......Unless there is total surgery at the organization,here is my sincere conviction. With the current ceo,inexperienced and incompetent ex-com members and board, msc will not make 1 litre of ethanol or 1 kilo of sugar in the next 2 years....bookmark this for future reference.
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Rank: Veteran Joined: 4/23/2014 Posts: 903
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Njunge wrote:I agree it's quite sad. The saddest part is that the current acting ceo Patrick Chebosi was actually sacked by Qidero back in 2010 due to incompetence. He is the fellow the board has tasked with "running' the company. That tells you so much about the board......Unless there is total surgery at the organization,here is my sincere conviction. With the current ceo,inexperienced and incompetent ex-com members and board, msc will not make 1 litre of ethanol or 1 kilo of sugar in the next 2 years....bookmark this for future reference. Anyone who gets sacked by a thug is most likely not a team player. Could be why he still has a job at the company. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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HaMaina wrote:Njunge wrote:I agree it's quite sad. The saddest part is that the current acting ceo Patrick Chebosi was actually sacked by Qidero back in 2010 due to incompetence. He is the fellow the board has tasked with "running' the company. That tells you so much about the board......Unless there is total surgery at the organization,here is my sincere conviction. With the current ceo,inexperienced and incompetent ex-com members and board, msc will not make 1 litre of ethanol or 1 kilo of sugar in the next 2 years....bookmark this for future reference. Anyone who gets sacked by a thug is most likely not a team player. Could be why he still has a job at the company.  and the share price is at Ksh 0.62 How low can it sink? African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Veteran Joined: 4/23/2014 Posts: 903
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Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Elder Joined: 12/4/2009 Posts: 10,636 Location: NAIROBI
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HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 2/7/2007 Posts: 921
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Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!!
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!! Cold hard facts
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Member Joined: 7/1/2014 Posts: 895 Location: sky
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obiero wrote:Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!! Cold hard facts seems dead! with a broke government and no major other shareholder who will bill them out? There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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Rank: Elder Joined: 6/23/2009 Posts: 13,472 Location: nairobi
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littledove wrote:obiero wrote:Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!! Cold hard facts seems dead! with a broke government and no major other shareholder who will bill them out? The government could get them funds if it wanted but it is not strategic enough for economic/political angling
HF 428,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Veteran Joined: 4/23/2014 Posts: 903
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Kenya Power, Mumias to Delay release of Financial Results https://kenyanwallstreet...e-of-financial-results/
What happens if the Financial Results are not released in the stipulated period? “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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obiero wrote:littledove wrote:obiero wrote:Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!! Cold hard facts seems dead! with a broke government and no major other shareholder who will bill them out? The government could get them funds if it wanted but it is not strategic enough for economic/political angling alternatively,the national government can cede its ownership to the county government of kakamega.Atleast the county will be serious with it. Towards the goal of financial freedom
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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Ebenyo wrote:obiero wrote:littledove wrote:obiero wrote:Njunge wrote:Angelica _ann wrote:Ericsson wrote:HaMaina wrote:Superprime1 wrote:#MeToo Mumias too to delay publication of full year audited statements. I thought the statements were to be released yesterday, does anyone have a copy ? Ngojea hadi January What is there to look forward to? Wondering too.In the past financial year,sugar produced was around 13000 tonnes and 1.6 million litres of ethanol. That's all. During it's heydays, that would be 13 days of sugar production while it would have taken no more than 22 days to make that amount of ethanol......but let's look a few known FACTS SO FAR.... 1.Directors allowances - fully paid and upto date and yes, they had a record 50+ meetings within the year. 2. Farmers owed in excess of 930 M only. 3. Cane transporters owed 80 M only. 4. Other contractors and suppliers owed over 300 M only. 5. Employees owed 780 M only 6. Stima Sacco and Sukari sacco owed 400 M only in unremmitted dues. 7. KRA owed 1.2 B only in unremitted excise duty and employees tax obligations. 8. Kenya Power owed 1B (This one is disputed and rightly so although the final figure may still be in the millions). 9. Insurers owed in excess of Kshs 120M. (Non of their assets have valid insurance as at current. 9. Safaricom, Airtel and Liqiud owed about 12 M only 10. Provident fund ,pension scheme,NSSF and NHIF owed in excess of 400M in unremitted dues. 11.Financial institutions (KCB, Proparco of France,Bank of Africa,Eco bank) owed in excess of 5B...... Money in their 3 active accounts which have also been frozen by KRA and a molasses supplier is less than 5 M .... Sleep over that!!! Cold hard facts seems dead! with a broke government and no major other shareholder who will bill them out? The government could get them funds if it wanted but it is not strategic enough for economic/political angling alternatively,the national government can cede its ownership to the county government of kakamega.Atleast the county will be serious with it. "We were not consulted! The national government forcing us to buy Mumias after they collapsed it! We need more consultation on the matter" ...and on and on. Mumias is more valuable to the county leaders as a tool of campaign against the current serikali. They could care less about taking over to revere its fortunes and benefit the farmer or ordinary shareholder.
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Rank: Elder Joined: 2/7/2007 Posts: 921
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rwitre wrote:Ebenyo wrote:[quote=obiero][quote=littledove][quote=obiero][quote=Njunge][quote=Angelica _ann][quote=Ericsson][quote=HaMaina][quote=Superprime1]#MeToo Mumias too to delay publication of full year audited statements. alternatively,the national government can cede its ownership to the county government of kakamega.Atleast the county will be serious with it. what expertise does governments (County or otherwise) have to run small scale sugars farms? I wish this could be left to those who know as we seek technology transfer for the future. I say this because from past experiences elsewhere,as an example, the Guyanese sugar industry was in similar situation (or should i say limbo?) some 2 decades ago having kicked out all managing agents from their farms and mills. The government then handed over the running of the industry to a government entity named Guyasucol and they run down the entire industry within no time due to lack of expertise. Let's say it's not just Mumias. Sugar cane production has dropped from 110/120 tons per hectare in 1995 to an industry average of 33 tonnes per hectare this year. Way below and this makes cane growing quite uneconomical.Sugar cane varieties are not well researched, while cane husbandry has been left to the farmer, who has little or no knowledge. At current, both the central government and sugar cane growing counties are running up and down like headless chickens looking for solutions in the wrong places.As long as the focus is on mills rather than the fields,then,the war is lost even before it begins. In the case of Guyana, they turned to their former partners (Booker Tate & Lyle) who did not hesitate to pump in billions. It has been a painful and slow recovery but today, the Guyanese sugar industry is once more very vibrant and investors,farmers and the government alike, are all happy. I would not hesitate to prescribe a similar move. Skeldon Sugar Mills. Run and managed by BT & L for Guyasucol.Sucrose content for cane harvested from their nucleus as seen, is never below 14 percent while cane tonne per hectare has hit a high of 145 tonnes. What would make Guyanese not cry if they got to know our industry average? 
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Rank: New-farer Joined: 11/28/2018 Posts: 42 Location: Nairobi
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This is just drama. They have been given another extension of three (3) months until 28.02.2019 to release the results. Mumias-Sugar financials to be EIGHT-months late
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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This is a gone case, next ..... In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: New-farer Joined: 11/28/2018 Posts: 42 Location: Nairobi
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OR The damn figures have refused to balance.
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Rank: Veteran Joined: 4/23/2014 Posts: 903
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drogon wrote:OR The damn figures have refused to balance. One day I'm sure they will balance. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Veteran Joined: 4/23/2014 Posts: 903
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Tom Ojienda denies filing fake Mumias Sugar cases https://www.nation.co.ke...3546-7gl4udz/index.html
“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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