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Mumias Sugar To Delay Release of Financial Results

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MUMIAS SUGAR COMPANY LIMITED says it has requested the Capital Markets Authority more time before it can publish its 30 June 2019 audited accounts as it awaits recommendation from a taskforce set up by government to review the sugar industry.

In a notice to shareholders, the firm says it could not beat the 30 November 2018 extension granted by CMA to report and publish the audited account as the Taskforce of Sugar Industry Stakeholders to review the policy, legal and regulatory framework as well as the review of the current and emerging challenges in the industry had not been completed.

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“Given the above and the need to included some of these recommendations as underlying assumptions in our restructuring plans we have requested CMA for more time,” says Patrick Chebosi, Mumias Sugar’s Ag chief executive.

CMA has granted the sugar manufacturer up to 28 February 2019 to release its financial results.

“In the meantime we have held various engagements with our key stakeholders who confirm that they are open to further negotiations to address the financial challenges facing the company but also waiting for the report of the above Taskforce,” added Mr Chebosi.

The firms says the Annual General Meeting will be held once the results have been published.

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