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.
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