Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Uchumi raises 896 mln shillings for expansion

17 December 2014, 08:30

Nairobi -  Uchumi Supermarkets has raised 895.8 million shillings ($9.89 million) in an oversubscribed rights issue to expand its operations in the east African region.

The retail chain, which also operates in Tanzania, Uganda and Rwanda, received bids worth 1.64 billion shillings for the 99.5 million shares on sale at 9 shillings a piece, it said in a statement. The sale being 84 percent oversubscribed.

Jonathan Ciano, Uchumi's chief executive officer, said the retailer would open more branches in a region where economic growth has averaged about 5 percent in recent years resulting in a growing number of middle class consumers with money to spare.

Read Also: KEBS intensifies surveillance at border points

"We also want to be able to adequately finance working capital for our subsidiaries with a consequent growth in market share and sales volumes," Ciano said.

The new shares will be listed and start trading on the Nairobi Securities Exchange on January 7, Uchumi said.

The retail firm reported a 7 percent drop in pretax profit for the year ended June to 452.7 million shillings.

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!

- Reuters

Tags nairobi

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilson Ochieng
DP Ruto accuses Raila of selling ...

DP Wiliam Ruto has castigated Raila Odinga for seeking western support to fund his 2017 election bid. Read more...

Submitted by
William Korir
Peter Kenneth announces Uhuru 201...

Peter Kenneth has announced that he will support President Uhuru Kenyatta in the 2017 elections. Read more...

Submitted by
Wilon Ochieng
Labour Party to dump both Jubilee...

The Labour Party of Kenya is likely to avoid supportoing both the CORD and Jubilee factions during the 2017 General Elections. Read more...

Submitted by
William Korir
Ukambani MP quits Jubilee, to run...

An Ukambani MP has quit the Jubilee Party, citing voter apathy as his reason behind leaving the ruling coalition. Read more...

Submitted by
Victor Tinto
Government launches probe into Po...

The government has launched an inquiry into the circumstances that could have led to two National Police Service helicopter accidents in August and September this year. Read more...

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...