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Factory assets of edible oil firm put on sale over Sh2bn bank debt
The auction of an edible oil processing factory owned by Convex Commercial Logistics Limited comes two months after the High Court allowed the Stanbic Bank to sell the property to recover the debt.
An edible oil processing factory owned by Convex Commercial Logistics Limited has been put for sale in a bid to recover a Sh2 billion debt to Stanbic Bank, a few years after the owner ran into financial problems due to the Covid-19 outbreak.
The bank, through its appointed auctioneer Garam Investments, has invited buyers of the assets of the factory located within the Export Processing Zone (EPZ) in Athi River, Machakos County.
