Uchumi to Delay Publication of Audited Financial Statements for Year Ended June
Uchumi Supermarkets Ltd has issued notice on the late publication of its audited financial statements for year ended June 30, 2016 citing ‘turbulent business environment faced by the company’.
Julius Kipng’etich,the retail chain’s Chief Executive Officer also cited defending a winding up petition at the Law courts.
The results shall be shall be published on or before December 31, 2016.
.@UchumiKenya's financial statements for year ended June 30, 2016 to be published on or before Dec. 31, 2016 #SokoNews pic.twitter.com/d8DhhWnO1p
— Sokodirectory.com (@sokodirectory) November 3, 2016
Uchumi Supermarkets owes its suppliers Sh3.6 billion.
In July, the Cabinet approved Sh1.8 billion bailout for the company higher from what it had requested of Sh1.2 billion to settle part of the suppliers’ Sh3.6 billion debts in their turn-around strategy.
Read:
Uchumi Pays KES 240Mn to 170 Suppliers in Revival Strategy
The Rise and Fall of Uchumi Supermarket
About David Indeje
David Indeje is a writer and editor, with interests on how technology is changing journalism, government, Health, and Gender Development stories are his passion. Follow on Twitter @David_IndejeDavid can be reached on: (020) 528 0222 / Email: info@sokodirectory.com
