Uchumi Supermarket to seek investor to inject up to Sh5b

Struggling Uchumi Supermarkets plans to look for an investor to inject up to Sh5 billion ($49 million) into the company as part of its turnaround plan, it said yesterday. Uchumi, which posted an after-tax loss of 3.2 billion shillings for its year ended June, said in a statement its shareholders will have to approve the plan along with a move to increase its nominal share capital to 10 billion shillings from Sh5 billion. "Subject to passing of (share capital) resolution, the directors are hereby authorised to identify and negotiate with any suitable investor to raise any sum up to Sh5 billion by way of debt capital..." it said in a statement.