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US-based Kenyan tycoon and investor Julius Mwale held a meeting with President Ruto to discuss areas of collaboration in health, agriculture, and infrastructure.
Mwale, who is the founder of Mwale Medical and Technology City (MMTC) in Kakamega, led a group of international investors to State House, Nairobi, on Friday.
“We thank HE President Dr William Ruto for hosting our delegation at Statehouse, Nairobi. The delegation of international investors was led by MMTC's Julius Mwale and held a strategic consultative meeting under the stewardship of the President in fostering partnerships in healthcare, agriculture and infrastructure which form a base of Kenya's economy,” MMTC said in a statement.
The businessman has expressed interest in reviving Mumias Sugar Company and his company Tumaz and Tumaz was the highest bidder during the miller’s lease bid in 2021.
Tumaz offered a Sh27.6 billion for a 20-year lease in the Mumias Sugar bidding process, which had attracted a total of eight bidders.
Uganda-based Sarrai Group was controversially awarded the tender despite being the lowest bidder at Sh6 billion.
President Ruto has since promised to get a new investor to revive the giant sugar miller.
"The government will pay all the debt for sugar factories. I will bring a new investor for Mumias and oversee the revival. I know all these people and issues. The current issues at Mumias cannot be allowed to continue," Ruto said in the past.
Mumias sugar is a cash cow whichever way you look at it. Investors can make their money back back if the company is ran properly, or they will milk it just like the Indians who ran it before.