Kenyan supermarket chain, Uchumi, pushes its rights issue
FMCG SUPPLIER NEWS
The-Star.co.ke - Dec 20th, 11:48
Uchumi Supermarkets has pushed forward by a month its rights issue to January after delays in cross-listing on Uganda Securities Exchange and Rwanda's over-the-counter.
Chief executive Jonathan CIano said shareholders will be offered a share for every two held in a cash call to fund domestic and regional growth targeting 13 more stores this financial year ending June.
The retailer has only started spending the Sh300 million it raised through a medium term note in June.
"We have enough money to invest as and when there's market need," Ciano said after the company's AGM in Nairobi. "We hope to start spending money from rights issue in February."From The-Star.co.ke
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