@TheStar

Government bails out Bomet Sacco

3 months ago, 17 Apr 00:32

By: Felix Kipkemoi @f ...

Some 1500 small scale tea farmers have received over Sh100 million from Sot Tea Growers Sacco after three years in the cold. The Sacco leadership announced the payout following the release of a Sh300 million bailout by the national government. Speaking during a thanksgiving ceremony at the Sacco offices at Silibwet in Bomet, CEO Geoffrey Sang said the bailout had enabled them pay salary arrears for their 100 staff who had gone months without pay. The Sacco has also cleared a bank loan that threw them into eight years of crisis. The petrol station owned by the Sacco had also resumed operations and is expected to post good results. Joseph Mabwai, the Society’s chairman on his part announced that leadership wrangles that had dogged the Sacco has been resolved and court cases withdrawn. “The leadership rows have been resolved and we are now focused on rebuilding the Sacco and returning it to profit making venture for the benefit of our members,” said Mabwai. Members are expected to receive dividends for their shares at the end of the year.
Read More


Category: business news

Suggested

1 hours ago, 00:55
@StandardMedia - By: Reuters
Investor group opposes GE plans for Kenyan coal power plant

They claim the project would damage the environment and undermine efforts to fight global warming ...

Category: business news
5 hours ago, 20:54
@DailyNation - By: Charles Ongadi
Youth finds wealth in pawpaws

27 year old Daniel Kenga Ngalla, a resident of Kikambala, Kilifi County, grows papayas which give him an income ...

Category: business news
5 hours ago, 20:54
@DailyNation - By: Manase Otsialo
Big gamble with oranges in the arid North pays off

Ahmed Abdirahman Hassan grows oranges on his 16 acre farm in Mandera, from where he reaps handsome rewards ...

Category: business news
8 hours ago, 18:06
@CITIZENTV - By: Kepha Muiruri
Kenya’s UK export slack opens door to regional rivals

Kenya’s UK export slack opens door to regional rivals ...

Category: topnews news business
9 hours ago, 16:48
@StandardMedia - By: Fredrick Obura
President Uhuru Kenyatta freezes all new government projects

President Uhuru Kenyatta has moved to stop wastage of public resource through an order stopping new projects. ...

Category: business news
16 hours ago, 09:51
@BusinessDaily - By: Bonface Otieno
Chase Bank set to close 10 branches on SBM takeover

10 of Chase Bank outlets will be shut down by August 20, in a move which could see hundreds of employees rendered jobless. ...

Category: business news corporate economy lifestyle opinion markets

@TheStar

Government bails out Bomet Sacco

3 months ago, 17 Apr 00:32

By: Felix Kipkemoi @f ...
Some 1500 small scale tea farmers have received over Sh100 million from Sot Tea Growers Sacco after three years in the cold. The Sacco leadership announced the payout following the release of a Sh300 million bailout by the national government. Speaking during a thanksgiving ceremony at the Sacco offices at Silibwet in Bomet, CEO Geoffrey Sang said the bailout had enabled them pay salary arrears for their 100 staff who had gone months without pay. The Sacco has also cleared a bank loan that threw them into eight years of crisis. The petrol station owned by the Sacco had also resumed operations and is expected to post good results. Joseph Mabwai, the Society’s chairman on his part announced that leadership wrangles that had dogged the Sacco has been resolved and court cases withdrawn. “The leadership rows have been resolved and we are now focused on rebuilding the Sacco and returning it to profit making venture for the benefit of our members,” said Mabwai. Members are expected to receive dividends for their shares at the end of the year.
Read More

Category: business news

Suggested

1 hours ago, 00:55
@StandardMedia - By: Reuters
Investor group opposes GE plans for Kenyan coal power plant

They claim the project would damage the environment and undermine efforts to fight global warming ...

Category: business news
5 hours ago, 20:54
@DailyNation - By: Charles Ongadi
Youth finds wealth in pawpaws

27 year old Daniel Kenga Ngalla, a resident of Kikambala, Kilifi County, grows papayas which give him an income ...

Category: business news
5 hours ago, 20:54
@DailyNation - By: Manase Otsialo
Big gamble with oranges in the arid North pays off

Ahmed Abdirahman Hassan grows oranges on his 16 acre farm in Mandera, from where he reaps handsome rewards ...

Category: business news
8 hours ago, 18:06
@CITIZENTV - By: Kepha Muiruri
Kenya’s UK export slack opens door to regional rivals

Kenya’s UK export slack opens door to regional rivals ...

Category: topnews news business
9 hours ago, 16:48
@StandardMedia - By: Fredrick Obura
President Uhuru Kenyatta freezes all new government projects

President Uhuru Kenyatta has moved to stop wastage of public resource through an order stopping new projects. ...

Category: business news
16 hours ago, 09:51
@BusinessDaily - By: Bonface Otieno
Chase Bank set to close 10 branches on SBM takeover

10 of Chase Bank outlets will be shut down by August 20, in a move which could see hundreds of employees rendered jobless. ...

Category: business news corporate economy lifestyle opinion markets
Our App