• About
  • Advertise
  • Write For Us
  • Careers
  • Contact Us
Sunday, February 24, 2019
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
16 °c
Nairobi
  • Home
  • Kenyan News
  • African News
  • Global News
  • Opinion and Commentary
  • Events
    • Calendar
  • Home
  • Kenyan News
  • African News
  • Global News
  • Opinion and Commentary
  • Events
    • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Govt Rules out financial bailout for Uchumi

Nelly K. by Nelly K.
July 13, 2018
in Kenyan News
Uchumi Shuts Down Two Branches in Nairobi

Uchumi Supermarkets recovery efforts have hit a snag after the government ruled out a financial bail out. The retailer had earlier received Ksh1.8 billion shillings from the National Treasury which would be used to repay debts owed to suppliers and stock its stores with goods.

The government had approved the Ksh 1.2 Billion cash injection into Uchumi Supermarkets at a Cabinet meeting in 2016, which now appears will not be released any time soon.

Trade Principal Secretary Dr. Chris Kiptoo says value from the previous bailout money has not come forth, arguing the government ran the risk of losing money when entities fail to turnaround.

He added that the government will form a team to draft a comprehensive recovery plan before more funds can be injected into the retailer that is reeling under a huge debt stock running into billions of shillings.
The retailer had last year announced it had finally found a strategic investor to take a controlling equity stake in the business in exchange for a Ksh 3.5 billion capital injection.

New York based private equity fund, Kuramo Capital had started negotiations to take over a significant stake but later on bailed out with a new equity investor from Asia said to take over negotiations.

In March the troubled retailer was seeking a bank loan to pay employee arrears amounting Ksh150 million by April this year.

Currently only 12 outlets are still open from a total of 40 three years ago due to rent arrears and auctioning by suppliers to recover debt.

RELATED; Uchumi’s Troubles Persist as Rent Arrears Lead to More Branch Closures


Previous Post

Mombasa-Nairobi new pipeline is complete awaiting feeder pipes

Next Post

Uganda Set to Sign Final Financial Deal for Kisumu-Malaba SGR Line

Related Posts

Kenya Airways Officially Asks to be Allowed to Operate JKIA in Order to Weather Financial Turbulences

Big Blow to Kenya Airways as Move to Take Over KAA Operations Halted by Legislators

February 23, 2019
CDC Group Opens Nairobi Office

CDC Group Opens Nairobi Office

February 23, 2019

How to become a successful forex trader in 2019

February 22, 2019

Kenya Power Reports 16% Half Year Profit Slump

February 22, 2019

KenGen Half Year Earnings Unchanged, No Dividend declared

February 22, 2019

Legislator Proposes Payment Within 30 Days for Govt Suppliers

February 22, 2019

CMA Enters into a Consent with KenolKobil’s Ohana as Insider Trading Proceedings Gather Steam

February 22, 2019

Kenol Kobil shares suspended from trading on Rubis Energie takeover

February 21, 2019
Load More
Next Post
Uganda Set to Sign Final Financial Deal for Kisumu-Malaba SGR Line

Uganda Set to Sign Final Financial Deal for Kisumu-Malaba SGR Line

Follow Us

  • 5k Fan
  • 81.8k Follower
  • 248 Subscriber

Featured

How did Safaricom become Kenya’s most successful Telco?

How did Safaricom become Kenya’s most successful Telco?

August 20, 2018
Guest Opinion; How Nairobi Matatus Defied the Will of Kenya’s Cashless Policy Makers

Guest Opinion; How Nairobi Matatus Defied the Will of Kenya’s Cashless Policy Makers

August 3, 2018
Book Review; Money Wise By Rina Hicks

Book Review; Money Wise By Rina Hicks

August 1, 2018
Nyeri Restaurant Betty’s Place is Accepting Bitcoin Payments

Nyeri Restaurant Betty’s Place is Accepting Bitcoin Payments

July 5, 2018

Financial Institutions Seek CBK Approval to Use Blockchain as Regulator Maintains Cryptocurrencies are Risky

May 24, 2018

Upcoming Events

There are no upcoming events.

View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

About Us

Kenyan Wall Street specializes in providing the latest and most relevant information on the Kenyan Financial Market enabling you make sound investment decisions

Contact Us

Kenyan Wall Street
Email : info@kenyanwallstreet.com
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About
  • Advertise
  • Write For Us
  • Careers
  • Contact Us

© 2018 Kenyan Wall Street.

No Result
View All Result
  • Home
  • Kenyan News
  • African News
  • Global News
  • Briefs & Press Releases
  • Opinion and Commentary
  • Events
    • Calendar

© 2018 Kenyan Wall Street.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In