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Uchumi sets share price at KES 9

14 October 2014, 17:01

Nairobi - Uchumi Supermarkets has set the price of its three for eight rights issue at KES 9 per share, it said on Tuesday.

The retailer plans to raise KES 896 million through the issue to fund expansion. The price of the rights offer represents an 11.33 percent discount to the shares' closing price of 10.15 shillings on Monday.

Read also: Airtel call rates reduced

The government, which is a part-owner of the chain, has already committed to take up its entitlement, representing a 13.8 percent of the issue, Uchumi said in a statement.

The register for the offer will close on Oct. 22, Uchumi said. The 38-year-old chain, which has outlets in Uganda, is the oldest retailer in Kenya.

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- Reuters

Tags business

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