A section of Mumias Sugar Company #ticker:MSC shareholders has called for the dissolution of the management and board of the cash-strapped miller.
Mumias Sugar Company National Shareholders Forum chairman Muthuri Nyamu accused the board and management of failing to come up with a clear strategy to turn around the fortunes of the miller.
The shareholders are lobbying for the Dr Kenneth Ngumbao Mulwa-led board to be sent packing claiming they have failed to address issues that have crippled the factory.
“We are disappointed with the performance of the board and the management officials who have let us down badly by failing to address the issues which threaten the collapse of the miller,” said Mr Nyamu.
The shareholders now reckon that a strategic partner should be brought on board to take over management and revive operations at the factory which has been crippled by a biting cane shortage.
Mumias Sugar suspended milling operations 14 months ago for what officials described at the time as routine maintenance but a crippling shortage of raw material has left milling operations in limbo.