Kenya's Uchumi Supermarkets says has "many suitors" for stake
25 May 2016, 19:15
Nairobi (Reuters) - Kenya's Uchumi Supermarkets has attracted "many suitors" in its search for a strategic investor and its board is evaluating bids from both local and foreign investors, its chief executive said on Wednesday.
"We have given ourselves the next three months up to August to conclude everything," Julius Kipng'etich told Reuters.
Management has been battling to return to profit since it fired its previous CEO in June last year for "gross misconduct" and launched an audit into where cash from a rights issue had gone.
The company, which is the only publicly traded retailer in Kenya, is also selling assets to pay down debts and is seeking an emergency loan from the government, which holds a 15 percent stake. (