Fridah Nyanchama
coutesy of business daily
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 30th 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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