High Court Injunction gives Uchumi Supermarkets a Fighting Chance

By Soko Directory Team / October 4, 2018



uchumi-supermarkets

Uchumi Supermarkets has been given a reprieve from eviction and the sale of its strategic assets following an injunction that was issued by the High Court.

In a ruling that was delivered by Lady Justice Mary Kasongo, the High Court (Commercial and Tax Division) gave an injunction against eviction, distress for rents and the sale of its land holdings pending determination of an insolvency petition by one of its creditors.

“That after inter alia hearing this Honourable Court be pleased to order a temporary injunction against any eviction or the interference of the quiet enjoyment of Uchumi Supermarkets Plc at all and any of the premises it occupies pursuant to a lease, tenancy agreement, license and/or controlled tenancy pending the hearing and determination of Insolvency Petition No 25 of 2018,” said Lady Justice Mary Kasongo in her ruling.

The ruling in effect means Uchumi Supermarkets Plc has been given a reprieve from eviction of its remaining outlets as well as its headquarters whose landlord is its peer parastatal the Kenya National Trading Corporation (KNTC).

Additionally, the ruling will give Uchumi Supermarkets Plc enough time to execute its turnaround strategy that includes the franchising model, cost leadership strategies, going digital as well as the sale of assets.

Uchumi Supermarkets reiterates that it is well aware of its obligations towards its suppliers, employees and other stakeholders and we are currently engaging all these groups on the progress we are making.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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