Trade in Mumias Shares Open at NSE

Mumias Sugar Company’s 91.9 million new shares began trading yesterday at the Nairobi Stock Exchange.
The company’s shares moved at between Sh45 and Sh50 on a volume of 787,000 shares at the NSE.
The Government sale of 91,999,220 shares at Sh49.50 a share was the second sale since an initial public offer (IPO) in 2001.
The Government now holds only 20 per cent of the company’s shareholding.
It collected Sh4.5 billion from the offer, which is part of Sh18 billion it expects to raise in this financial year through divestiture.
Mumias produces approximately half of the domestic sugar output.
The management is putting in place strategies to introduce new products such as ethanol, expanding cogeneration and acquisition for government-owned sugar millers.
Twin spectrum
Chairman John Bosse said the world faces twin spectrum for a cleaner environment and fluctuating oil prices.
Cogeneration and ethanol, he said, are alternative sources of energy that would continue to grow.

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