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Mumias Sugar huge demand
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hisah
#621 Posted : Friday, July 11, 2014 7:59:19 AM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
This is another CMC. Serious enterprise corruption. Confessions will fry this bus and worse trap the occupants if the counter is suspended - highly likely Sad

http://mobile.nation.co....l/-/1yknjn/-/index.html
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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streetwise
#622 Posted : Friday, July 11, 2014 8:22:51 AM
Rank: Veteran


Joined: 6/23/2011
Posts: 1,740
Location: Nairobi
It tells me however that there is still demand for sugar ..unlike the case of neverready
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Kaka Sunguch
#623 Posted : Friday, July 11, 2014 11:09:53 AM
Rank: Member


Joined: 7/12/2011
Posts: 177
Location: Jersey Island
Word is....(no link yet) that a bank has moved to Court to seek winding up of MSC Over a Kes 93Million debt. Can anyone confirm?
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Pesa Nane
#624 Posted : Friday, July 11, 2014 11:23:32 AM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Kaka Sunguch wrote:
Word is....(no link yet) that a bank has moved to Court to seek winding up of MSC Over a Kes 93Million debt. Can anyone confirm?


Standard Group Link

Quote:
Kenya: A bank has moved to court seeking orders to wind up Mumias Sugar Company over a debt of Sh93 million.
The company could be even in more trouble as MPs threatened to slap it with a Sh1 billion bill over unpaid taxes relating to fake sugar exports over the past years. The exports claimed by the firm never left the country.
Read more at: http://www.standardmedia...-mumias-over-sh93m-debt

Sad Sad Sad
Pesa Nane plans to be shilingi when he grows up.
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maka
#625 Posted : Friday, July 11, 2014 12:00:16 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Pesa Nane wrote:
Kaka Sunguch wrote:
Word is....(no link yet) that a bank has moved to Court to seek winding up of MSC Over a Kes 93Million debt. Can anyone confirm?


Standard Group Link

Quote:
Kenya: A bank has moved to court seeking orders to wind up Mumias Sugar Company over a debt of Sh93 million.
The company could be even in more trouble as MPs threatened to slap it with a Sh1 billion bill over unpaid taxes relating to fake sugar exports over the past years. The exports claimed by the firm never left the country.
Read more at: http://www.standardmedia...-mumias-over-sh93m-debt

Sad Sad Sad

Shida tupu...
possunt quia posse videntur
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hmmm
#626 Posted : Friday, July 11, 2014 12:47:10 PM
Rank: New-farer


Joined: 10/11/2011
Posts: 25
More Shida

NIS admits it has no clue who dumps cheap sugar in Kenya

link

I guess this means the importers are too powerful to be touched.
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The optimist
#627 Posted : Friday, July 11, 2014 2:38:25 PM
Rank: Member


Joined: 6/14/2010
Posts: 521
Location: Nairobi
maka wrote:
Pesa Nane wrote:
Kaka Sunguch wrote:
Word is....(no link yet) that a bank has moved to Court to seek winding up of MSC Over a Kes 93Million debt. Can anyone confirm?


Standard Group Link

Quote:
Kenya: A bank has moved to court seeking orders to wind up Mumias Sugar Company over a debt of Sh93 million.
The company could be even in more trouble as MPs threatened to slap it with a Sh1 billion bill over unpaid taxes relating to fake sugar exports over the past years. The exports claimed by the firm never left the country.
Read more at: http://www.standardmedia...-mumias-over-sh93m-debt

Sad Sad Sad

Shida tupu...

mademoni Sad
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Angelica _ann
#628 Posted : Friday, July 11, 2014 2:46:12 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,908
Will it ever survive!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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hisah
#629 Posted : Friday, July 11, 2014 4:25:08 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
Angelica _ann wrote:
Will it ever survive!

Serious enterprise corruption ends up in bankruptcy in most cases. To survive the firm is sold off at a song or chopped up and the healthy pieces bought on the cheap. In most cases a delisting follows.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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murchr
#630 Posted : Friday, July 11, 2014 4:42:00 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
hisah wrote:
Angelica _ann wrote:
Will it ever survive!

Serious enterprise corruption ends up in bankruptcy in most cases. To survive the firm is sold off at a song or chopped up and the healthy pieces bought on the cheap. In most cases a delisting follows.



Disaster Sad
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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jawgey
#631 Posted : Friday, July 11, 2014 5:47:10 PM
Rank: Member


Joined: 1/13/2014
Posts: 386
Location: Denmark
If MSC was to be liquidated right now shareholders (I included) would walk away with nothing! it's practically insolvent
Seeing is believing
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Pesa Nane
#632 Posted : Friday, July 11, 2014 6:15:57 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
jawgey wrote:
If MSC was to be liquidated right now shareholders (I included) would walk away with nothing! it's practically insolvent

I thought Mumias is at a positive cash position (atleast as at 31DEC13)
Retained Earning - 6.98 B
Total Shareholder Equity - 13.2 B
Correct me if am wrong, but with only 1.53 B shares, we are better of liquidating
Pesa Nane plans to be shilingi when he grows up.
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jawgey
#633 Posted : Friday, July 11, 2014 8:49:17 PM
Rank: Member


Joined: 1/13/2014
Posts: 386
Location: Denmark
Pesa Nane wrote:
jawgey wrote:
If MSC was to be liquidated right now shareholders (I included) would walk away with nothing! it's practically insolvent

I thought Mumias is at a positive cash position (atleast as at 31DEC14)
Retained Earning - 6.98 B
Total Shareholder Equity - 13.2 B
Correct me if am wrong, but with only 1.53 B shares, we are better of liquidating


Have you accounted for the creditors who are owed big time.. plus remember last week the company was negotiating with some financiers for extension of loans repayment .
shareholders are last in the list incase of liquidation. The government comes 1st incase of any taxes owed smile
Seeing is believing
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Pesa Nane
#634 Posted : Friday, July 11, 2014 9:12:31 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
jawgey wrote:
Pesa Nane wrote:
jawgey wrote:
If MSC was to be liquidated right now shareholders (I included) would walk away with nothing! it's practically insolvent

I thought Mumias is at a positive cash position (atleast as at 31DEC13)
Retained Earning - 6.98 B
Total Shareholder Equity - 13.2 B
Correct me if am wrong, but with only 1.53 B shares, we are better of liquidating


Have you accounted for the creditors who are owed big time.. plus remember last week the company was negotiating with some financiers for extension of loans repayment .
shareholders are last in the list incase of liquidation. The government comes 1st incase of any taxes owed smile

As at 31DEC13
Share holders Equity = 13.22 B
Non-Current Liabilities = 5.77 B
Current Liabilities = 6.60 B
I think we are better of liquidating now that later (Or I'm missing something)
Pesa Nane plans to be shilingi when he grows up.
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jawgey
#635 Posted : Friday, July 11, 2014 9:25:51 PM
Rank: Member


Joined: 1/13/2014
Posts: 386
Location: Denmark
Pesa Nane wrote:
jawgey wrote:
Pesa Nane wrote:
jawgey wrote:
If MSC was to be liquidated right now shareholders (I included) would walk away with nothing! it's practically insolvent

I thought Mumias is at a positive cash position (atleast as at 31DEC13)
Retained Earning - 6.98 B
Total Shareholder Equity - 13.2 B
Correct me if am wrong, but with only 1.53 B shares, we are better of liquidating


Have you accounted for the creditors who are owed big time.. plus remember last week the company was negotiating with some financiers for extension of loans repayment .
shareholders are last in the list incase of liquidation. The government comes 1st incase of any taxes owed smile

As at 31DEC13
Share holders Equity = 13.22 B
Non-Current Liabilities = 5.77 B
Current Liabilities = 6.60 B
I think we are better of liquidating now that later (Or I'm missing something)


I still don't think liquidation would do shareholders any good..
Accumulated interest would erode the balance leaving shareholders ,employees and administrators(who are usually not so genuine) to scramble for the asset value..
btw wat was the asset value as at Dec 2013?
Seeing is believing
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Pesa Nane
#636 Posted : Friday, July 11, 2014 10:07:35 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
jawgey wrote:
Pesa Nane wrote:
jawgey wrote:
Pesa Nane wrote:
jawgey wrote:
If MSC was to be liquidated right now shareholders (I included) would walk away with nothing! it's practically insolvent

I thought Mumias is at a positive cash position (atleast as at 31DEC13)
Retained Earning - 6.98 B
Total Shareholder Equity - 13.2 B
Correct me if am wrong, but with only 1.53 B shares, we are better of liquidating


Have you accounted for the creditors who are owed big time.. plus remember last week the company was negotiating with some financiers for extension of loans repayment .
shareholders are last in the list incase of liquidation. The government comes 1st incase of any taxes owed smile

As at 31DEC13
Share holders Equity = 13.22 B
Non-Current Liabilities = 5.77 B
Current Liabilities = 6.60 B
I think we are better of liquidating now that later (Or I'm missing something)


I still don't think liquidation would do shareholders any good..
Accumulated interest would erode the balance leaving shareholders ,employees and administrators(who are usually not so genuine) to scramble for the asset value..
btw wat was the asset value as at Dec 2013?

A massive Ksh. 25,582,837,000.00 composed of:
Non-Current Assets: 19.64 B
Current Assets : 5.94 B
Note that I am not suggesting that Liquidation is the way forward. Rather, its better liquidate now than later if LOSSES are the only thing they keep doing (Self interest is to defend my investment as a shareholder).
Pesa Nane plans to be shilingi when he grows up.
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jawgey
#637 Posted : Friday, July 11, 2014 10:26:34 PM
Rank: Member


Joined: 1/13/2014
Posts: 386
Location: Denmark
Pesa Nane wrote:
jawgey wrote:
Pesa Nane wrote:
jawgey wrote:
Pesa Nane wrote:
jawgey wrote:
If MSC was to be liquidated right now shareholders (I included) would walk away with nothing! it's practically insolvent

I thought Mumias is at a positive cash position (atleast as at 31DEC13)
Retained Earning - 6.98 B
Total Shareholder Equity - 13.2 B
Correct me if am wrong, but with only 1.53 B shares, we are better of liquidating


Have you accounted for the creditors who are owed big time.. plus remember last week the company was negotiating with some financiers for extension of loans repayment .
shareholders are last in the list incase of liquidation. The government comes 1st incase of any taxes owed smile

As at 31DEC13
Share holders Equity = 13.22 B
Non-Current Liabilities = 5.77 B
Current Liabilities = 6.60 B
I think we are better of liquidating now that later (Or I'm missing something)


I still don't think liquidation would do shareholders any good..
Accumulated interest would erode the balance leaving shareholders ,employees and administrators(who are usually not so genuine) to scramble for the asset value..
btw wat was the asset value as at Dec 2013?

A massive Ksh. 25,582,837,000.00 composed of:
Non-Current Assets: 19.64 B
Current Assets : 5.94 B
Note that I am not suggesting that Liquidation is the way forward. Rather, its better liquidate now than later if LOSSES are the only thing they keep doing (Self interest is to defend my investment as a shareholder).


you definitely have a point. There are so many interests in this co. As an investor you only hope the pushing and shoving will result in a positive outcome. Liquidation however would be detrimental to many households in the area
Seeing is believing
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whiteowl
#638 Posted : Friday, July 11, 2014 10:47:26 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
hmmm wrote:
More Shida

NIS admits it has no clue who dumps cheap sugar in Kenya

link

I guess this means the importers are too powerful to be touched.

doesn't make much of a difference anyway, we all know what happens to intelligence reports forwarded to the police and other gava agencies.
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Boris Boyka
#639 Posted : Saturday, July 12, 2014 12:03:19 AM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,977
Location: Here
I sold it @ 3.50 of course at a loss no turning back.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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dunkang
#640 Posted : Monday, July 21, 2014 11:00:08 AM
Rank: Elder


Joined: 6/2/2011
Posts: 4,818
Location: -1.2107, 36.8831
Today everyone is talking about Mumias. Is it about to DIE!!!!?
Receive with simplicity everything that happens to you.” ― Rashi

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