RentCo, West Sugar ink equipment lease deal
Asset leasing firm RentCo Africa has inked a Sh600 million deal to rent farm equipment to Rai Group’s West Kenya Sugar Company which is looking to boost cane production.
RentCo said the machinery comprising heavy duty tractors and cane loaders, among others, is part of the investments by the sugar firm to ease challenges associated with bulk cane harvesting and transportation.
The deal will help the Rai firm do away with the burden of buying and maintaining the equipment, freeing capex that will be diverted towards increasing cane production.
RentCo Africa has been providing leasing services to address equipment shortages in the agriculture, healthcare, energy, and food processing sectors since its launch.
“The transaction was to a tune of 600 million for the financial year 2019-2020,” RentCo Africa chief executive Robert Nyasimi told the Business Daily.