Uchumi mulls over closure of underperforming branches

By / Published June 27, 2015 | 1:21 pm



uchumi-supermarkets

Uchumi mulls over closure of underperforming branches

Uchumi Supermarkets could shut down some of its underperforming branches resulting in job losses as it restructures its business. Uchumi currently has 40 branches and 4,500 employees spread across the region. Board chairman Khadija Mire said an audit to assess performance of all branches was already underway and would be complete in two weeks. The focus will be on performance, location and the management.

BAT says it will continue to buy farmers’ tobacco

British American Tobacco (BAT) Kenya says it will continue contracting farmers to grow the crop despite the industry’s gloomy outlook. The listed tobacco processor and distributor said in a statement that it will still contract farmers in the Eastern, Nyanza and Western parts of the
country, the main areas where it sources leaf.

KES 1bn released for Mumias bail-out

The government yesterday released Kes1.00 billion to the financially struggling Mumias Sugar Company and announced a revival strategy that includes undertaking a rights issue to raise between KES3.00billion and KES4.00 billion.

Helios loses top slot in Equity after stake sale to NSSF Uganda

London-based investment fund Helios EB Investors is no longer the single largest shareholder at Equity Bank after selling part of its stake to Uganda National Social Security Fund. Helios sold 2.44 percent of its ownership to the pension fund at KES4.5 billion, cutting its stake in the bank to 9.78 percent which is lower than the 12.22 percent held by Norway-based Norfund.

Lack of House quorum leaves KQ’s bailout plan in limbo

Lack of quorum in the National Assembly Wednesday June 2015 left a government plan to bail out Kenya Airways hanging in the balance as members have only today to approve the emergency loan. The
National Treasury is seeking approval to grant Kenya Airways KES4.2 billion emergency shareholder loan. The National Assembly Budget and Appropriations Committee approved the loan meant to help the
national carrier address its cash flow problems.

MPs deny NBK Sh5bn allocation for rights issue

The KES13.00 billion National Bank of Kenya (NBK) rights issue faces further delay after the Treasury’s allocation of Sh4.9 billion to the shareholders cash call was reversed by a parliamentary committee. The Budget and Appropriations Committee report tabled in Parliament shows that MPs removed the cash provision for NBK’s rights issue in the 2015/16 budget, effectively ruling out the Treasury’s support for the bank. The move has cast doubt on NBK’s ability to successfully float the cash call in the coming fiscal year unless the Treasury lobbies parliament to reinstate the amount.

Kenyan Stock Market

The NSE 20 and NASI index rose 0.66 percent and 0.07 percent w/w to close at 4,810.36 and 162.51

Turnover, total volumes traded and total market capitalization stood 5,102.94mn, 159.64 and KES 2,273.10 respectively at the end of the week.

EAC Markets

Uganda: The USE ALSI edged up by 2.24 percent w/w to close at 1,984.11 while USE LSI dropped 0.91 percent w/w to close 327.989.

Rwanda: The RSE ALSI and the RSE RSI declined by 0.12 percent and 0.60 percent w/w respectively to close at 135.65 and 220.34.

Tanzania: The DSE TSI and DSEI declined 1.58 percent and 2.08 percent w/w to close at 4,708.68 and 2,805.12 respectively

Global markets

The Standard & Poor’s 500 Index lost 0.7 percent to 2,108.58. The Dow Jones Industrial Average sank 1 percent to 17,966.07. The Nasdaq Composite Index slipped 0.7 percent from an all-time high.

European stocks were little changed as Greece was said to have rejected an offer to extend its bailout program. The Stoxx Europe 600 Index rose less than 0.1 percent to 396.50.

The MSCI Asia Pacific Index lost 0.3 percent to 149.35. Shares retreated after Greece and its creditors on exchanged duelling proposals but failed to reach a breakthrough.






More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2023
  • January 2023 (180)
  • 2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (359)
  • April 2022 (294)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (232)
  • December 2022 (166)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (273)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950