obiero wrote:Ericsson wrote:@Wakanyugi
Govt is not the largest shareholder in Uchumi;its Jamii Bora Group.
Were it not for them protecting their investment Uchumi could have reached ICU like Mumias and KQ but they acted timely before the situation became catastrophic.
They invested a big chunk of money in the rights issue last year and didn't want to see their investment go to waste.
They are were the spearheaders in recruiting Kipngetich.
To someone who was not in the know.. @wakanyugis comment would have sailed through, unopposed :)
Thank you for the education, Ericsson. Much appreciated.
Now this does not fill me with a lot of confidence. The cyclical boom and near death of Uchumi is well known. If we can't blame Gaarment, then there must be something fundamentally flawed about the brand or strategy.
Bishop Masinde told us the other day that it because Uchumi lost focus, unlike Nakumat, and tries to be everything; a real estate owner, manufacturer and retailer all rolled into one. I think he had a point.
I'll sit out buying any shares in Uchumi this round, despite Kipngetichs great credentials. I like that micro franchise idea of his though. He clearly plans to bring the best of Equity to Uchumi. More power to him.
"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)