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Kenya: Flower farming empire goes up for saleManaging Director Erastus Mureithiís flower farming empire was facing total collapse after auctioneers put up for sale his property worth billions of shillings.
The looming sale of Mr Mureithiís empire is expected to raise Sh1.7 billion [17 million USD] to settle loans owed to a local bank, according to Garam Investments Auctioneers.
The auctioneerís hammer is expected to fall on the prime commercial farming empire, mostly located near the Nyahururu airstrip, on August 23, dealing the former Olkalau MP a heavy blow.
He retreated to farming since 2013 when he failed to recapture his parliamentary seat.
The list of property earmarked for sale includes residential houses and office buildings, greenhouses with horticultural crops, water pans and cold rooms.
The former MPís 89-acre prime agricultural land on the Nyahururu-Ol Kalou Road is also targeted for sale in what is arguably one of the biggest insolvencies in Kenyaís flower farming sector.
Creditors are looking to recover Sh393 million [4 million USD] from sale of the property, which has 17 greenhouses covering some 19.8 acres. The greenhouses have close to 760,000 rose flowers, priming it as a key target for those with an interest in the lucrative industry that earns Kenya billions of shillings every year.
Publication date: 8/8/2018
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