Kenyan billionaires have lost in the race to lease Mumias Sugar after KCB Bank-appointed #ticker:KCB receiver-manager tapped Uganda-based conglomerate Sarrai Group to run the ailing miller for 20 years.
Sarrai Group, which is associated with Kenyan businessman Sarbi Singh Rai, placed the third-highest bid of Sh11.5 billion in the lease battle that attracted businessman Julius Mwale, who placed the highest bid of Sh27.6 billion.
