KCC shareholders to get perks

Deputy President William Ruto is set to issue cheques to dairy farmers who had shares in the Kenya Co-operative Creameries before it went under in the late 1990s at the New KCC in Nyahururu today.

According to the Nyahururu New KCC manager Justus Njenga, the money for compensation will be issued in two phases.

“We are expecting the DP at our plant where he will be issuing cheques to farmers from this region who had shares when the old KCC collapsed,” he said.

“This money was allocated in the current budget and is set to be given in two different phases,” said Mr Njenga, but he however did not revealed the number of farmers who will be issued with cheques and the amount to be issued.

KCC collapsed in the late 1990’s and was put under receivership and then auctioned at Sh400 million. The Narc government bought it at Sh 547 when it assumed power to revive the industry.

According to the Kenya Dairy Board chairman Matu Wamae, the Government is also in the process of privatizing the New KCC and revert it to the dairy farmers.

Mr Wamae said the dairy processor is currently 100 per cent owned by the government after it was revived and restored to its former glory.

The chairman told the Nation on phone that the privatization process was underway and soon dairy farmers who are shareholders will own the company.

He however pointed out that the government will retain about 10 or 20 per cent of the shares for oversight roles to guard against collapse of the industry as it happened in the late 1990’s.

At the New KCC, the deputy president will be accompanied New KCC Managing Director Nixon Sigey, Kenya Dairy Board chairman Matu Wamae and leaders from both Laikipia and Nyandarua counties.

He will later hold a political rally at Nyahururu Stadium before proceeding to Kinamba to commission construction work at Kinamba-Sipili-Rumuruti road.