The collapsed Pan Paper Mills in Webuye will be revived by a strategic investor that the government has come up with.President Uhuru Kenyatta has said that the investor had agreed to pump in Sh6 billion over the next three years after purchasing the company’s assets.
The factory is expected to reopen within three months.The investor, associated with several sugar industries, a plywood firm and an edible oil refinery in the country, is said to have purchased the firm for about Sh900 million, beating five other bidders.
Bungoma County residents are glad to hear the good news since many people lost their jobs and business deals when the firm collapsed more than a decade ago.
In 2010, then President Mwai Kibaki held a colourful ceremony in Webuye during which he switched on the factory machines to signify revival.
But the factory was shut down shortly after though the government had pumped in Sh400 million for its revival.