Farmers opposed the decision, citing that it would affect the local produce.
According to the auditor general, the firm is on the brink of collapse following years of debt owed by its primary customer, the Rwandan government.
Despite duty-free imports, consumers and processors continue to face sharp price increases.
East Africa continues to lag in soybean output despite favorable agro-climatic conditions.
Kenya consumes approximately 1.3 million tonnes of rice annually.