The Rai Group of Companies owned by billionaire industrialist Jaswant Rai has dismissed reports that emerged over the weekend that they are exiting the Kenyan market.
In a statement dated Monday, the management termed the claims as "misinformation bordering on unhelpful propaganda coming at this time of severe economic challenges".
The company assured all its customers, farmers, employees, and partners that it was not moving its business out of the country.
"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 company noted that it's working with the government at all levels to ensure compliance and ensure that it achieves all its goals.
Further, the company management emphasised that it was focused on pursuing high standards of service delivery as well as the legal and regulatory guidelines set by the government.
According to earlier reports, the billionaire was closing down his business empire in Kenya and relocating to an unnamed country.
The reports first emerged on Saturday and spread on social media platforms through to Sunday.
The news sent shock waves among a section of Kenyans who noted that thousands would be sacked while farmers would lose the market for their sugarcane.
Millers owned by the billionaire control over 40 per cent of the market. The billionaire also has investments in timber and the cooking oil business.
The billionaire has been in the limelight recently over his dominance of the sugar industry.
President William Ruto has blamed his companies for sabotaging moves to resuscitate struggling state-owned millers.
