Rai Group Dismisses Claims of Shutting Down Kenyan Operations

The Rai Group of Companies has denied recent reports claiming that they are leaving the Kenyan market.

On Monday, a statement issued by the company owned by billionaire Jaswant Rai labelled the reports as "unhelpful propaganda" in the midst of an economic crisis. The Rai Group reasserted its promise to stay in the country and bolster its financial progress through job creation and providing superior products and services. This pledge applies to their clients, workers, and stakeholders, who have been urged to expect consistent support from the company.

The company affirmed its collaboration with the Government in abiding by regulatory guidelines. Earlier reports had suggested that Rai was terminating operations in Kenya and seeking investments elsewhere, but these reports have been dismissed as inaccurate. The news about numerous layoffs and the potential closure of the sugarcane industry has created concern among many Kenyans.

"The Rai Group is cognisant of its contribution to the economic growth of the Kenyan economy through job creation and, more importantly, through the production of high-quality goods and the provision of services that circulate and are consumed both locally and internationally," read part of the statement.

The billionaire possesses a majority share of over 40% in the milling industry, while also maintaining investments in the timber and cooking oil sectors. His stranglehold over the sugar industry has been a subject of contention lately, as President William Ruto has implied that his various corporations are impeding the progress of public mills.