Nairobi, June 4 -- Agricultural firm Sasini has terminated the planned sale of its coffee estate in Kiambu County for Sh7.9 billion after the buyer failed to meet its contractual obligations.

The Nairobi Securities Exchange-listed firm says the sale of Gulmarg Division in Mweiga Estates Limited has been cancelled and the asset has ceased to be classified as one held for sale in the company's financial statements.

"We also wish to notify all stakeholders that the sale transaction in respect of Gulmarg Estate, previously classified as an asset held for sale, has been formally terminated," the company said in a statement accompanying its results for the half year ended March.

"The termination arose because of the purchaser's failure to fu...