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Uchumi FY15 Loss of Ksh. 3.42 Bn
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sparkly
#101 Posted : Friday, May 13, 2016 9:04:01 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
HaMaina wrote:
instinct wrote:
this is an uchumi thread....hallo....


Very True. In my view Uchumi will not fall,especially now that Dr Kipngetich is at the top. One thing that I know for sure is that he is one very thorough and no-nonsence (tribal,corruption,etc,etc) person. At least when he was a lecturer. I wish him all the best.


These were my sentiments in 2004 when Uchumi financial problems started. I convinced myself that Uchumi was too big to fail because of the GOK support. Then came the suspension, bailouts etc. I didn't lose all my capital but i regret the opportunity cost leading up to the relisting. 2004-2008 was of course the greatest bull period in Kenya history.
Life is short. Live passionately.
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Jon Jones
#102 Posted : Thursday, May 19, 2016 4:40:09 AM
Rank: Member

Joined: 9/11/2015
Posts: 245
Location: Thika
According to this article, http://www.businessdaily.../-/lxd9az/-/index.html, a new investor had expressed interest to buy a controlling stake in Uchumi. Should that happen, I will be the first to buy into the company because my opinion is that the main cause of failure for Uchumi is its government ownership.
Since men have learned to shoot without missing, I have learned to fly without perching
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mibbz
#103 Posted : Thursday, May 19, 2016 9:23:27 AM
Rank: Member

Joined: 2/18/2011
Posts: 448
Apologies if this has been previously discussed in the thread but how many times have Uchumi shareholders been issued with stocks in exchange for debt? Why does this program not achieve it's intended aim of resetting the company's financials?
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maka
#104 Posted : Thursday, May 19, 2016 9:59:44 AM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Just came across the AGREEMENT FOR RESTRUCTURING OF DEBT AND THE SUPPLY OF GOODS...how can i upload it for further discussion?
possunt quia posse videntur
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Jon Jones
#105 Posted : Thursday, May 19, 2016 10:13:29 AM
Rank: Member

Joined: 9/11/2015
Posts: 245
Location: Thika
mibbz wrote:
Apologies if this has been previously discussed in the thread but how many times have Uchumi shareholders been issued with stocks in exchange for debt? Why does this program not achieve it's intended aim of resetting the company's financials?

Because the government never ceases to have a controlling stake...the solution to all of Uchumis problems lies with the government ownership. If the government ends up controlling less than 40% or 30%, then the company will become the next wallmart
Since men have learned to shoot without missing, I have learned to fly without perching
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mlennyma
#106 Posted : Thursday, May 19, 2016 10:19:44 AM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Jon Jones wrote:
mibbz wrote:
Apologies if this has been previously discussed in the thread but how many times have Uchumi shareholders been issued with stocks in exchange for debt? Why does this program not achieve it's intended aim of resetting the company's financials?

Because the government never ceases to have a controlling stake...the solution to all of Uchumis problems lies with the government ownership. If the government ends up controlling less than 40% or 30%, then the company will become the next wallmart

unless a government wants to run a supermarket to cushion its citizens from high commodity prices by subsidizing i don't understand why a whole govt would want to be involved in this kind of business
"Don't let the fear of losing be greater than the excitement of winning."
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jgithige
#107 Posted : Thursday, May 19, 2016 10:50:56 AM
Rank: Member

Joined: 7/10/2014
Posts: 145
Location: Nairobi
In addition our weak litigation process when it comes to the BIG FISH- Mbuta. Uchumi problems lies with financial impropriety and those involved cannot be brought forth to account.The Govt stands to be blamed when its organs cannot effect Justice to the innocent Wanjiku. We see several forensic reports and dossiers revealed be it KQ,MSC & Uchumi but action ZERO.
"Blowing out someone else candle won't make yours shine brighter"-Anonymous
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moneydust
#108 Posted : Thursday, May 19, 2016 11:18:45 AM
Rank: Member

Joined: 1/31/2007
Posts: 304
Jon Jones wrote:
According to this article, http://www.businessdaily.../-/lxd9az/-/index.html, a new investor had expressed interest to buy a controlling stake in Uchumi. Should that happen, I will be the first to buy into the company because my opinion is that the main cause of failure for Uchumi is its government ownership.



It is so easy to blame the government for the current situation but to be fair you need to substantiate how government is to blame and yet government is just a minority shareholder.
Are you trying to say government sent Ciano and the rest of the employees on a looting spree?
If anything the reason why Uchumi stands a chance to recover is because of the minute government shareholding.If it were not for that no bank would be lending money and suppliers would not be very accommodating at this time.Therefore uchumi shareholders should be thanking their lucky stars that there in the hole together with government.
Otherwise they would be in receivership.
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snipermnoma
#109 Posted : Thursday, May 19, 2016 7:22:00 PM
Rank: Member

Joined: 1/3/2014
Posts: 257
maka wrote:
Just came across the AGREEMENT FOR RESTRUCTURING OF DEBT AND THE SUPPLY OF GOODS...how can i upload it for further discussion?


Try scribd.com or dochub.com use google docs or dropbox
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Plimsoul
#110 Posted : Monday, May 23, 2016 4:04:27 PM
Rank: Member

Joined: 3/3/2016
Posts: 132
So all the pictures on social media were true? CEO confirms that revenues had collapsed to 200m a month. They were making over 1bn a month before!!!

This financial year's losses will be massive!

Uchumi Supermarkets is targeting a 40 per cent growth in sales by next month, as suppliers make a comeback from today in a deal reached on Friday.

"Chief executive Julius Kipng’etich said yesterday suppliers have started filling shelves at the retailer which has been operating on near-empty shelves, giving hope for recovery of the troubled retailer. “If they all come back, we expect by end of June sales will have grown to Sh300 million,” Kipng’etich told the Star on telephone. "

http://www.the-star.co.k...r-supplier-deal_c1355444
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