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Tuesday, January 30, 2007

KCC to be privatized? Try an IPO

KCC set for privatization.
Written By:Toili , Posted: Thu, Jan 25, 2007

The New Kenya Cooperative Creameries is set for privatization.
Managing Director Francis Mwangi says the institution has initiated discussions with the relevant government organs to bring the process to fruition.
In an interview with KBC, Mwangi said the milk processor is now firmly on the profit path. The New Kenya Cooperative Creameries limited was revamped in 2003.
This followed a near collapse of the giant milk-processing firm and renamed it New KCC.
Mwangi said the revival of the institution has been exemplary with 11 factories and cooling plants now operational.
He said New KCC is now set for privatization after the company realized increased profit.
The turn-around of the institution's profitability has impacted favorably on dairy farmers who for a long time earned very little money from their supplies.
The company late last year signed a 500 million shillings credit line with Equity bank for use in providing financial support to dairy farmers.
Mwangi said the company has embarked on an aggressive marketing strategy in order to increase its bottom line and further push up the profit.
He also singled out efforts to increase milk exports as a key strategy for the company's growth.
The company is however grappling with modernization of its plants in order to increase efficiency and reduce wastage.
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