Uchumi nears deal with new investor

Attendants at Uchumi Supermarket's Capital Centre branch in Nairobi in August last year.The retailer has had to close several of its branches. [David Njaaga, Standard]

Uchumi Supermarket expects a Sh5 billion cash injection from an unnamed strategic investor in a transaction that could give the new owner near-complete control of the struggling retailer.

At the current valuation of below Sh900 million, collective shareholding among current shareholders, including the government, would fall by over 80 per cent.