Connect with us

Hi, what are you looking for?


Uchumi postpones AGM to allow negotiations with investor

The retailer has also announced that it will be restocking its branches from Thursday/FILE

NAIROBI, Kenya, Dec 13 – Uchumi has postponed its Annual General Meeting (AGM) from December 20, 2017, to a later date to allow negotiations with the potential investor.

The supermarket says once the negotiations are concluded with the investor, a new date will be set.

The board, however, anticipates that the AGM will be held before 31st March 2018.

The move comes even as Chief Executive Dr. Julius Kipngetich resigned last week after two years attempting to turn around the struggling retailer.

He left having secured a strategic investor in a deal expected to bring back the retailer back on its feet.

Discussions are still ongoing with the strategic investor who will inject Sh3.5 billion into the retailer which will partly plug the Sh5 billion debt hole the supermarket owes suppliers and financiers.

The government is also expected to release Sh700 million to the retailer as part of a bailout loan of Sh1.2 billion after it gave the retailer Sh500 million.

The retailer has also announced that it will be restocking its branches from Thursday.

“Customers should expect a wide array of grocery and liquor products as well as household items and a fantastic bakery,” the firm said.

Uchumi Supermarket cut their losses by 40 percent in the 2017 financial year to Sh1.7 billion compared to Sh2.8 billion losses in 2016 attributed to improved cost management.

Advertisement. Scroll to continue reading.

Expenses went down by 42 percent in the period under review from Sh3.6Bn in 2016 to Sh2.1Bn in 2017 while the cost of sales hit Sh2.5bn from Sh6.4bn in 2016.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...