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Cabinet approves Sh1.8b bailout for cash-strapped Uchumi Supermarkets

By Jacob Ng'etich | Jul. 31, 2016

Uchumi supermarket along Ngong Road [PHOTO: WILBERFORCE OKWIRI/STANDARD]

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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