UCHUMI courted by foreign investors

June 19, 2008 |

Planet Retail 19 Jun 2008

Kenyan-based hypermarket and supermarket operator Uchumi has revealed that eight investors have placed bids for a piece of the retail group. The group of eight is thought to include two foreign retailers, two domestic retailers, and a total of four institutional investors from both Kenya and abroad. Uchumi's interim CEO Jonathan Ciano did not disclose the identities of the investors, but according to speculation in the local media, fellow retailer Tuskys is one of them. Meanwhile, foreign parties interested in Uchumi are thought to include South African Shoprite.

Uchumi fell into insolvency in June 2006 but has since then made great progress in its recovery. The new investor is expected to be announced and come on board in August 2008.

Average rating

(1 vote)