Ram Karuturi, the owner of Karuturi Flowes

After struggling to revive one of Kenya’s largest flower farm, the liquidators of Karuturi Limited have given up and put its assets on sale.

The farm, located in Naivasha’s Moi South Lake Road, comprises of 1,400 green house structures which cover approximately 125.6 hectares.

But interestingly, the assets do not include the land. “The land on which these assets sit is not on offer as part of the transaction,” reads a sale statement placed in Kenyan newspapers.

Last March, the owners of the flower farm said they had secured an investor to inject funds into the business as they fought to save their prized asset from being auctioned by Stanbic Bank over a Sh1.8 billion loan default.

In the statement, Karuturi had said that it has reached an agreement with Phoenix Group for a “blend of debt and equity” that will help it to meet its current debt obligations and restart its operations.

But on May 2, the joint receiver of Karuturi Limited placed adverts in Kenyan newspapers  asking interested bidders to send written expression of interest to buy the company’s assets.

On sale are irrigation equipment comprising of water supply and distribution system, produce handling and storage equipment, workshops, and 20 fertigation units.

Also, on sale are six cold storage units and 3 New Holland tractors.

 

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