Kenyan industrial conglomerate Devki Group drops out of Mumias Sugar leasing plan, dampening miller’s revival plan

KENYA – Devki Group of Companies, industrial manufacturing giant in Kenya, has withdrawn its bid to lease the troubled Mumias Sugar Company. The Founder and CEO of the Group, Dr Narendra Raval, had recently revealed that he was seeking to pump in Ksh5 billion (US$46m) in modernising the state-owned sugar company’s ageing plant and develop cane, in the latest bid to revive the once top miller that stopped production nearly three years ago. However, the steel tycoon cited the ongoing public interest, where by stakeholders raised accountability questions over the…

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Uganda Breweries Limited appoints three new Non-Executive Directors to its board

UGANDA – Uganda Breweries Limited (UBL), subsidiary of the East African Breweries Limited (EABL) has announced the appointment of Jane Karuku, the recently named Group Managing Director of EABL, as a Non – Executive Director, alongside Eric Kiniti and Rachel Dumba. Prior to becoming the head of the Group’s drinks business in the region, Jane was the Managing Director of Kenya Breweries Limited (KBL), a sister company of UBL. She is a dynamic business leader, with strong management experience spanning over 20 years in FMCG and Non-Governmental Organizations. With an…

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Processor of Kenya’s premium tea brand Kericho Gold gets backing from European financiers Si, IFU, Proparco

KENYA – Global Tea & Commodities, one of the fastest growing and fully integrated tea, coffee and macadamia producing companies with operations in Kenya and Malawi, is set to receive growth capital from three European financiers. The three firms – French development finance institution Proparco, Danish sustainable investment fund IFU and London based investment and advisory firm Si Advisers LLP, have inked a financing agreement with the packer of premier tea brands, Kericho Gold and Baraka Chai. Global Tea founded in 1992, trades in Kenya through its subsidiary Gold Crown…

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