Uchumi Property Sale

Fridah Nyanchama












coutesy of business daily



      

Uchumi supermarket board will meet tomorrow to evaluate the need on sale of its two prime commercial properties in Nairobi, said C.E.O Julius Kipng’etich. This follows the closure of a tender which was floated last month on 30^th on sale is its Ngong road properties which sits on 2.5 acres of land in houses, its Ngong’ hyper branch which is in Lang’ata road premises which houses Lang’ata hyper and sits on 3.7 acres of land in a sale and lease back deal. The Capital Markets Authority has approved the sale of Uchumi property assets in Nairobi as the retailer steps up efforts to raise funds to pay suppliers and finance operations. The retailer has signed up the Nairobi Law firm, Coulson Harney to oversee the transaction. “The business needs the cash to finance the ongoing rebranding and restocking of all our stores as well as meet our operational requirements,” said Uchumi chief executive officer Julius Kipng’etich.

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