Shares for Mumias Sugar Company [NSE:MSC] have been halted from trading today at the Nairobi Securities Exchange with a likelihood of suspension for a period of time from the exchange. This follows the decision by KCB Group Plc to put the embattled sugar miller under administration yesterday.
This means shareholders of Mumias Sugar Shares will not be able to liquidate their holdings anytime until the Capital Markets Authority, NSE & participants are fully satisfied that Mumias Sugar is stable and can resume trading at the Exchnage.
Mumias Sugar had defaulted on payments of a KCB loan amounting to Kes 480 Million.
Mumias Sugar Company becomes the third firm to be suspended from trading on grounds of insolvency after ARM Cement Plc and Deacons E.A Plc.
