Investors bought a total of 654,200 shares of Mumias Sugar Company #ticker:MSC in three days without knowing that the miller had been placed under receivership, turning the spotlight on KCB Group #ticker:KCB .
KCB Group, the receiver, failed to disclose the material development immediately as required by Kenya’s securities law. PVR Rao, KCB’s appointed receiver, says it took over the running of Mumias Sugar last Friday, September 20, after the miller defaulted on loans amounting to Sh12.5 billion.
