Nairobi: Uchumi Supermarkets said on Friday it planned to sell and lease back two properties in the Kenyan capital to help raise capital, the latest move in a turnaround plan.
"The sale of the properties is driven primarily by Uchumi's need to dispose of non-revenue generating assets so as to raise inexpensive working capital," it said, citing a board decision.
It also said that it had operations on the Ngong Road and Langata Road sites so the transaction would involve "sale and lease back."
"The sale of Ngong Hyper and Langata Hyper will be conducted by way of tendering process which will be advertised in the press," said John Wambugu, the company secretary.
