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Uchumi - A value play?
Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these  . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust  Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 1/3/2007 Posts: 18,098 Location: Nairobi
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KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. So is it done? Did they get the 25%? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 8/6/2018 Posts: 299
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obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen You really don't know what you are saying. You don't get this kind of Threshold without goodwill of suppliers. From a neutral point of view, I doubt you know what a CVA entails. Now all the court liquidation cases ceases. Plus I can tell you, New Investor will join onboard soon. Don't ask me how i know, Just like I knew that this CVA will be passed by over 80% of the creditors
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Just looking forward to when paper loss will graduate to real loss. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen You really don't know what you are saying. You don't get this kind of Threshold without goodwill of suppliers. From a neutral point of view, I doubt you know what a CVA entails. Now all the court liquidation cases ceases. Plus I can tell you, New Investor will join onboard soon. Don't ask me how i know, Just like I knew that this CVA will be passed by over 80% of the creditors It's good that you are an Uchumi expert. Let's see how it goes.. But here's my take 1. Uchumi is not a vital business to GoK 2. Competitors to Uchumi are already offering superior service 3. The customers moved elsewhere, so restocking will not guarantee trade 4. Today the share rose from KES 0.29 to KES 0.31 reflecting investor sentiment
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Member Joined: 8/6/2018 Posts: 299
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obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani.
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper..
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Member Joined: 8/6/2018 Posts: 299
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obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. You really survive on hearsay, which is a very dangerous thing for someone calling himself an analyst. The 900M KCB is not liquidated assets, its part of the planned payout from the settlement agreement yesterday the CVA, it will come from proceedings from the sale of land, and it has not been done yet, KCB has agreed to write off over 450M shillings, in accrued interests and penalties.
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. You really survive on hearsay, which is a very dangerous thing for someone calling himself an analyst. The 900M KCB is not liquidated assets, its part of the planned payout from the settlement agreement yesterday the CVA, it will come from proceedings from the sale of land, and it has not been done yet, KCB has agreed to write off over 450M shillings, in accrued interests and penalties. So is simba a supplier or a creditor or a preference shareholder or all the above
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Chief Joined: 1/3/2007 Posts: 18,098 Location: Nairobi
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obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. Isn't Kimani also a shareholder in KQ? And a major supplier to KQ as well? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 8/6/2018 Posts: 299
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VituVingiSana wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. Isn't Kimani also a shareholder in KQ? And a major supplier to KQ as well? PICK AND PEEL JUICES ABOARD KQ
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. You really survive on hearsay, which is a very dangerous thing for someone calling himself an analyst. The 900M KCB is not liquidated assets, its part of the planned payout from the settlement agreement yesterday the CVA, it will come from proceedings from the sale of land, and it has not been done yet, KCB has agreed to write off over 450M shillings, in accrued interests and penalties. So is simba a supplier or a creditor or a preference shareholder or all the above Obiero is right.The loan kcb gave was secured by the ngong rd hyper. The hypermarket was sold and KCB pocketed the money. https://www.standardmedi...s-quest-to-regain-glory
"But before the rubber could meet the road, the plan was thrown into a tempest. KCB, cautious of the winding up petition, withheld proceeds of the sale of Ngong Road Hyper after Uchumi sold the property for Sh1.4 billion, at a time when the retailer was almost running on empty shelves and badly needed the cash. Kipng’etich said the retailer’s board has since been forced to change strategy as a result and decided to let KCB keep the proceeds to reduce finance costs. “The proceeds from the sale of Ngong Road Hyper helped reduce Uchumi’s debt owed to financiers from Sh2.5 billion to Sh1.1 billion,” Kipng’etich told Weekend Business. “Part of our focus in the stabilisation phase is debt reduction and these efforts will continue until Uchumi is debt free.” Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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Ericsson wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. You really survive on hearsay, which is a very dangerous thing for someone calling himself an analyst. The 900M KCB is not liquidated assets, its part of the planned payout from the settlement agreement yesterday the CVA, it will come from proceedings from the sale of land, and it has not been done yet, KCB has agreed to write off over 450M shillings, in accrued interests and penalties. So is simba a supplier or a creditor or a preference shareholder or all the above Obiero is right.The loan kcb gave was secured by the ngong rd hyper. The hypermarket was sold and KCB pocketed the money. https://www.standardmedi...s-quest-to-regain-glory
"But before the rubber could meet the road, the plan was thrown into a tempest. KCB, cautious of the winding up petition, withheld proceeds of the sale of Ngong Road Hyper after Uchumi sold the property for Sh1.4 billion, at a time when the retailer was almost running on empty shelves and badly needed the cash. Kipng’etich said the retailer’s board has since been forced to change strategy as a result and decided to let KCB keep the proceeds to reduce finance costs. “The proceeds from the sale of Ngong Road Hyper helped reduce Uchumi’s debt owed to financiers from Sh2.5 billion to Sh1.1 billion,” Kipng’etich told Weekend Business. “Part of our focus in the stabilisation phase is debt reduction and these efforts will continue until Uchumi is debt free.” @Ericsson Never qualify anything I post, whoever wants to think otherwise will soon learn that truth is eternal.. You cannot change your date of birth, or death. I speak in code
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Uchumi is dead and can't come back.Kenyans have moved on to the likes of Naivas and Carrefour. Ask Nakumatt,they are finding the going tough in regaining the trust of Kenyans Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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VituVingiSana wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. Isn't Kimani also a shareholder in KQ? And a major supplier to KQ as well? Yes, he is.. But the guy is a multi billionaire and Uchumi to him is a hobby. This is someone I know personally. Remember at one point Uchumi had nothing but hundreds of Pick & Peel and Afia juices..
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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Ericsson wrote:Uchumi is dead and can't come back.Kenyans have moved on to the likes of Naivas and Carrefour.
Ask Nakumatt,they are finding the going tough in regaining the trust of Kenyans The death of Nakumatt was painful but Uchumi will see none of the tears. It is a meaningless entity that should liquidate, same to Posta
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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obiero wrote:Ericsson wrote:Uchumi is dead and can't come back.Kenyans have moved on to the likes of Naivas and Carrefour.
Ask Nakumatt,they are finding the going tough in regaining the trust of Kenyans The death of Nakumatt was painful but Uchumi will see none of the tears. It is a meaningless entity that should liquidate, same to Posta Posta will never die because under international laws each country must run a postal service to ensure all citizens of planet earth can communicate/send letters and parcels to each other. Also all citizens are supposed to have an address and in .ke we use P.O Box. So posta is going nowhere.
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Rank: Member Joined: 8/6/2018 Posts: 299
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Ericsson wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. You really survive on hearsay, which is a very dangerous thing for someone calling himself an analyst. The 900M KCB is not liquidated assets, its part of the planned payout from the settlement agreement yesterday the CVA, it will come from proceedings from the sale of land, and it has not been done yet, KCB has agreed to write off over 450M shillings, in accrued interests and penalties. So is simba a supplier or a creditor or a preference shareholder or all the above Obiero is right.The loan kcb gave was secured by the ngong rd hyper. The hypermarket was sold and KCB pocketed the money. https://www.standardmedi...s-quest-to-regain-glory
"But before the rubber could meet the road, the plan was thrown into a tempest. KCB, cautious of the winding up petition, withheld proceeds of the sale of Ngong Road Hyper after Uchumi sold the property for Sh1.4 billion, at a time when the retailer was almost running on empty shelves and badly needed the cash. Kipng’etich said the retailer’s board has since been forced to change strategy as a result and decided to let KCB keep the proceeds to reduce finance costs. “The proceeds from the sale of Ngong Road Hyper helped reduce Uchumi’s debt owed to financiers from Sh2.5 billion to Sh1.1 billion,” Kipng’etich told Weekend Business. “Part of our focus in the stabilisation phase is debt reduction and these efforts will continue until Uchumi is debt free.” KCB to receive Sh900 million from Uchumi's land sale The 20 acre piece of land is currently at the center of dispute between the Kenya Defence forces and the troubled retailer. In Summary • Uchumi has been banking on selling the land to turn around its dwindling fortunes that have seen it sink in a Sh7.89 billion debt owed to the government, banks, and creditors. • The 20-acre piece of land is currently at the center of a dispute between the Kenya Defence forces and the troubled retailer. Uchumi Supermarket outlet Uchumi Supermarket outlet Image: courtesy KCB Group is set to pocket the largest share of proceeds raised from the sale of Uchumi land. Debt restructuring proposal by Uchumi shows that the lender will receive Sh900 million out of the Sh2.8 billion to be raised after the land sale. This is despite the bank waiving and discounting Sh546.47 million from the total Sh1.45 billion outstanding balance. The lump sum amount will be used to pay at least Sh672 million overdraft facility taken in two occasions and a Sh228 million lease. At least 37.8 per cent or Sh1.06 billion of the proceed will be used on legal fees and commissions. The 20-acre piece of land is currently at the center of a dispute between the Kenya Defence forces and the troubled retailer. A drive through the highway shows that KDF has moved a number of infantry fighting machines, and full-time military officers manning the land. However, in December last year, a customer identification report from Metropol Corporation Limited showed that the land has already been purchased by City Preacher Edward Mwai of Jesus Winner Ministry.
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Rank: Member Joined: 8/6/2018 Posts: 299
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KaunganaDoDo wrote:Ericsson wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:obiero wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:obiero wrote:MugundaMan wrote:The funny thing is you will still see people throwing good money into the casino despite proper shavings like these . Isatragedy. GET OUT of the casino before it is TOO LATE buddies! Another one bites the dust Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%. Watapata 25%. Someone has to start the ball rolling. The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard. It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters. UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5Buppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer. The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied. The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt. “This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets. In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money. The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018. No one will supply them even if they manage to reopen “Liquidation is not the best option. Suppliers can now expect some down payment on existing debt. We will now work together to see a resumption of business,” said Kimani Rugendo, Chairman, Uchumi Suppliers. The new debt redemption will is now be pegged on the liquidation of Uchumi assets including the sale of two parcels of land in Roysambu and Lang’ata Road. The decision by the suppliers grants Uchumi a continued supply of goods even as the existing board seeks a complete turnaround for the cash strapped firm. “Today was a vote of hope for the future. A vote for this brand is a vote for Kenyan manufacturers,” added Uchumi Supermarkets Chairman John Karani. Kimani Rugendo is too deep into this thing to say anything else.. Meanwhile, simba has liquidated KES 9000,000,000 worth of Uchumi property to settle long outstanding debt. The thing is now insolvent as assets are being stripped! Remember KDF in Kasarani, simba land sale, Uchumi Langata Hyper.. You really survive on hearsay, which is a very dangerous thing for someone calling himself an analyst. The 900M KCB is not liquidated assets, its part of the planned payout from the settlement agreement yesterday the CVA, it will come from proceedings from the sale of land, and it has not been done yet, KCB has agreed to write off over 450M shillings, in accrued interests and penalties. So is simba a supplier or a creditor or a preference shareholder or all the above Obiero is right.The loan kcb gave was secured by the ngong rd hyper. The hypermarket was sold and KCB pocketed the money. https://www.standardmedi...s-quest-to-regain-glory
"But before the rubber could meet the road, the plan was thrown into a tempest. KCB, cautious of the winding up petition, withheld proceeds of the sale of Ngong Road Hyper after Uchumi sold the property for Sh1.4 billion, at a time when the retailer was almost running on empty shelves and badly needed the cash. Kipng’etich said the retailer’s board has since been forced to change strategy as a result and decided to let KCB keep the proceeds to reduce finance costs. “The proceeds from the sale of Ngong Road Hyper helped reduce Uchumi’s debt owed to financiers from Sh2.5 billion to Sh1.1 billion,” Kipng’etich told Weekend Business. “Part of our focus in the stabilisation phase is debt reduction and these efforts will continue until Uchumi is debt free.” KCB to receive Sh900 million from Uchumi's land sale The 20 acre piece of land is currently at the center of dispute between the Kenya Defence forces and the troubled retailer. In Summary • Uchumi has been banking on selling the land to turn around its dwindling fortunes that have seen it sink in a Sh7.89 billion debt owed to the government, banks, and creditors. • The 20-acre piece of land is currently at the center of a dispute between the Kenya Defence forces and the troubled retailer. Uchumi Supermarket outlet Uchumi Supermarket outlet Image: courtesy KCB Group is set to pocket the largest share of proceeds raised from the sale of Uchumi land. Debt restructuring proposal by Uchumi shows that the lender will receive Sh900 million out of the Sh2.8 billion to be raised after the land sale. This is despite the bank waiving and discounting Sh546.47 million from the total Sh1.45 billion outstanding balance. The lump sum amount will be used to pay at least Sh672 million overdraft facility taken in two occasions and a Sh228 million lease. At least 37.8 per cent or Sh1.06 billion of the proceed will be used on legal fees and commissions. The 20-acre piece of land is currently at the center of a dispute between the Kenya Defence forces and the troubled retailer. A drive through the highway shows that KDF has moved a number of infantry fighting machines, and full-time military officers manning the land. However, in December last year, a customer identification report from Metropol Corporation Limited showed that the land has already been purchased by City Preacher Edward Mwai of Jesus Winner Ministry. People like spreading Rumours, akin to Reverse Overconfidence Biases taught in Behavioural Economics at MIT, Overstating Positive Impact of Good News and Understating Negative Impact of Bad News in Pricing Stochastic Models. The headline item about KCB and The millions has nothing to do with Ngong Road plot. That plot was liquidated long time ago, 2 years, its not in Uchumi Books . While I am not a shareholder of Uchumi, People should contribute on subject matter they know that they know.
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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hardwood wrote:obiero wrote:Ericsson wrote:Uchumi is dead and can't come back.Kenyans have moved on to the likes of Naivas and Carrefour.
Ask Nakumatt,they are finding the going tough in regaining the trust of Kenyans The death of Nakumatt was painful but Uchumi will see none of the tears. It is a meaningless entity that should liquidate, same to Posta Posta will never die because under international laws each country must run a postal service to ensure all citizens of planet earth can communicate/send letters and parcels to each other. Also all citizens are supposed to have an address and in .ke we use P.O Box. So posta is going nowhere. Don't be academic.. UPS/DHL/SENDY are doing whatever you just said.. Home address mailing from NYC Brooklyn to NBO Syokimau is possible without Posta!
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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