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Suppliers of cash-strapped Uchumi Supermarket will have to wait for up to three months for their money. The firm, which is Kenya’s only publicly listed retailer, has obtained Sh500 million loan from commercial banks and will also sell assets worth Sh2 billion to settle the debts in the next three months.
Board Chairperson Khadija Mire, told close to 100 suppliers who attended the meeting yesterday, that the retail chain had finalised arrangements to pay 50 per cent of debts within the next two weeks and the rest in three months.
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