Uchumi to get Sh3.5B in 4 months completing its recovery strategy
David Indeje
Uchumi Supermarkets Plc has said it will receive Ksh 3.5 Billion through sale of shares to investors to mark the completion of its recovery strategy. Julius Kipngetich the Chief Executive Officer in a statement said they are optimistic that the transaction process will come to a conclusion within the stipulated time or even less. The process is expected to be completed within 120 days. The injection of the funds will be used for stocking Uchumi outlets, enhancing its supplier relationship and rebuilding customer confidence.\ The Government also plans to exit from Uchumi Supermarkets (NSE: UCHM) once the retailer stabilises under the ongoing restructuring plan. The National Treasury currently holds a 14.67 percent stake in the firm making it the second-largest shareholder after Jamii Bora Bank which holds 14.90 percent.
