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Uchumi 2016/17 HY loss 547.3m
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hardwood
#41 Posted : Tuesday, September 05, 2017 10:10:05 AM
Rank: Elder


Joined: 7/28/2015
Posts: 9,562
Location: Rodi Kopany, Homa Bay
http://www.businessdaily...2756-pkredkz/index.html

Quote:
Uchumi Supermarkets has received a major shot in the arm after the High Court declared the cash-strapped retailer to be the legal owner of a 20-acre piece of land valued at around Sh2.3 billion.
The land in Nairobi’s Roysambu area on the Thika super highway has been the subject of protracted court battles between the retail chain and squatters who had claimed ownership of the prime property.
Uchumi, which has been struggling to pay suppliers and service its debts, had announced its intention to sell the land so as to inject much needed liquidity on its balance sheet.
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Ericsson
#42 Posted : Tuesday, September 05, 2017 12:11:34 PM
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Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
That land will be most likely be used as a guarantee to get some bailout funds from a bank and uchumi will have ammunition to reduce it's debts and have suppliers back again
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#43 Posted : Tuesday, September 05, 2017 12:40:21 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,054
Location: Nairobi
Ericsson wrote:
That land will be most likely be used as a guarantee to get some bailout funds from a bank and uchumi will have ammunition to reduce it's debts and have suppliers back again

Just sell the land [& keep 1-5 acres for a warehouse/store/supermarket and parking] and pay down the debt. Why pay interest?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#44 Posted : Tuesday, September 05, 2017 12:41:50 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
It will be difficult to get a buyer that fast.
Uchumi needs the money like yesterday
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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wukan
#45 Posted : Tuesday, September 05, 2017 1:25:25 PM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,568
Ericsson wrote:
That land will be most likely be used as a guarantee to get some bailout funds from a bank and uchumi will have ammunition to reduce it's debts and have suppliers back again


Real estate once again proves itself as the best asset class in the third world
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muandiwambeu
#46 Posted : Tuesday, September 05, 2017 2:46:09 PM
Rank: Veteran


Joined: 8/28/2015
Posts: 1,247
wukan wrote:
Ericsson wrote:
That land will be most likely be used as a guarantee to get some bailout funds from a bank and uchumi will have ammunition to reduce it's debts and have suppliers back again


Real estate once again proves itself as the best asset class in the third world

Throwing money to a fire breathing dragon. Waste of effort. Sell the property defranchise and wind up is a better way of reacting. Hii soko chakutarajia ni more and more losses for now. Compe roho safiSad
,Behold, a sower went forth to sow;....
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VituVingiSana
#47 Posted : Tuesday, September 05, 2017 3:13:26 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,054
Location: Nairobi
Ericsson wrote:
It will be difficult to get a buyer that fast.
Uchumi needs the money like yesterday

Is it any easier to get the loan? [There's another case by another group of squatters. In this day and age, which bank will lend to Uchumi with all this drama over the land as collateral?]
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#48 Posted : Tuesday, September 05, 2017 3:31:20 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,639
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
It will be difficult to get a buyer that fast.
Uchumi needs the money like yesterday

Is it any easier to get the loan? [There's another case by another group of squatters. In this day and age, which bank will lend to Uchumi with all this drama over the land as collateral?]


That case by the squatters will be thrown out;has no basis
So long as the bank gets hold of the title deed which in this case has been certified as genuine there shouldn't be any issue
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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