The government owned New Kenya Co-operative Creameries Limited will soon privatize and revert it to the dairy farmers, Kenya Dairy Board chairman Matu Wamae has said.
Mr Wamae who speaking during a shareholders’ Annual General Meeting on Friday at New KCC Nyahururu factory said that the milk processor which is 100% state-owned after it was renovated will have dairy farmers who are shareholders owning the company.
For oversight however, Mr Wamae noted that the government will retain between 10 and 20 per cent of the shares, Daily Nation reported.
Additionally, the Chairman cautioned farmers against electing directors of questionable backgrounds to manage their factories once KCC is finally returned to them.
Insuring Farmers at Sh75 per month
Commenting on insuring farmers, Mr Wamae lifted farmers’ spirits when he told them that the New KCC is now insuring them at an average of Sh75 per month. He called on them to join the scheme in order to benefit from it.
“The New KCC has entered into partnership with insurance firms and farmers should seize the chance to insure themselves. The Sh75 monthly, which will be deducted from milk deliveries, will cater for five members of a family,” he said.
The company will also be able to pay farmers in advance to protect them from delayed payment, since it has partnered with financial institutions, the chairman revealed.
Moreover, he noted that the government is set to pay farmers who were shareholders of KCC when it collapsed.
He called on the youth to take part in dairy farming adding that the industry can provide employment.
The article first appeared here.
Photo Courtesy of New KCC