Kenya: Panpaper Mills Technically Insolvent, Indicates Report

Nairobi — Kenya's premier pulp and paper manufacturing company is technically insolvent. A damning report by PriceWaterHouseCoopers shows how a number factors, among them management failures, have combined to push Panafrican Paper Mills (EA) Ltd to financial doldrums.

The management of the Webuye-based company, in which the Government and related agencies have up to 46 per cent shareholding, and its financiers are now considering two options: Either to place it under receivership or shut it down altogether.

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