Uchumi chain of supermarkets clears its debt with the government
18th September, 2014
Uchumi chain of supermarkets has cleared its debt with the government after paying 33 million shillings it owed to treasury for the loan extended to it in 2006 to fund its restructuring and turnaround strategy. The government which owns 16 per cent stake in Uchumi had loaned 407 million shillings and todays repayment is the final instalment by the supermarket as it charts a new growth strategy following dipping profits