Uchumi Turnaround: Struggling retailer seeks investor to inject $ 49m
226 views · Published 23 December 2015 · 0:46 · Indexed 30 October 2026
Channel: CGTN Africa · 2015 · News & Politics
Kenya's struggling Uchumi Supermarkets plans to look for an investor to inject up to 5.49 million dollars into the company as part of its turnaround plan. The company said in a statement that directors had been authorized to identify and negotiate with a suitable investor to raise the amount in way of debt capital, subject to passing of the resolution. The capital could come in the form of issuing convertible debt instruments, equity capital or a combination of the two. Uchumi's board sacked former chief executive Jonathan Ciano in June and launched an investigation into the company's financial affairs. They picked Julius Kipng'etich in August to replace him and he has since announced measures to return the firm to profit, including closing loss-making outlets in Tanzania and Uganda
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