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A Cabinet meeting at State House on Thursday approved Sh1.8 billion bailout for Uchumi Supermarkets. The Cabinet approval is a boon for the retailer that had asked the Government for Sh1.2 billion to settle part of the suppliers’ Sh3.6 billion debts in their turn-around strategy.
According to a source at State House, the Cabinet passed the resolution to help the the cash-strapped retail store spring back to profitability. Last week, Uchumi Supermarkets Chief Executive Julius Kipng’etich hinted that his firm was to receive cash boost from the Government.
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