Nairobi Securities Exchange-listed firms Williamson Tea and Kapchorua Tea have called for the destruction of huge stocks of unsold tea held by the giant Kenya Tea Development Agency (KTDA) to save the industry from being choked by excess supplies of the commodity which has hurt prices.
The two tea firms, which share majority owners, said in separate financial filings on Friday that tea prices have fallen to unsustainable levels as a result of market saturation, while also hitting out at the minimum pricing system that has hit producers who are unable to supply top grade tea.
