NAIROBI, September 17 – Retail chain Uchumi supermarkets are yet to reveal who the new equity partner for the store will be.
This is despite the deadline for the recruitment of this partner having been the end of last month and a consequent announcement to the public early this month.
Uchumi Supermarkets Receiver manager Jonathan Ciano told Capital Business News that the process is currently at the stage where the Permanent Secretary for Trade Cyrus Njiru should be making a final decision on who it will be.
“This process has to be handled as diligently as possible and we as Uchumi do not mind since we are not in a hurry,” he said
The partner coming is just to declare us technically insolvent.”
Reached for comment, Assistant Minister Trade Omingo Magara said negotiations were ongoing and he should be announcing the results soon.
Ciano expressed optimism that he should have the name of this new partner by early October when he will be announcing the company’s results.
The Retail Chain Uchumi Supermarkets bid to seek a strategic investor had attracted 8 potential investors.
Four of the interested groups were international while the other 4 were local.
Both the local and international parties were further classified into two investment groups and two retail chain concerns for each.
The retail store advertised for the position on the May 23 and June 4 respectively with 12 bids being bought, but eight only being returned.