FIGHT FOR SURVIVAL
Kenya grocer Uchumi in talks to raise cash
Nairobi — Uchumi Supermarkets is in talks with a private-equity fund and other investors over a potential capital injection that could help the Kenyan supermarket chain survive a cash crunch. "We’re following different channels of financing," acting CE Mohamed Mohamed said in an interview in Nairobi, declining to name potential suitors. "Where Uchumi is right now, it needs some cash almost immediately. We are looking for a financial investor." The 42-year-old grocer and rival Nakumatt Holdings have had their market invaded by international retailers such as Carrefour of France, SA’s Shoprite Holdings and Botswana-based Choppies Enterprises as they try to reco-ver from corporate governance challenges. Uchumi has closed down half of its stores in a shake-up that started three years ago and also saw the departure of some of the firm’s top executives, including its CEO and chief financial officer. Uchumi needs to raise as much as 7-billion Kenyan shillings (R831.1m) in 2018 to hold off ...
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