Investors at the Nairobi Securities Exchange (NSE) will have to wait longer to know the fate of their funds locked in firms suspended from trading. According to the Capital Markets Authority’s (CMA) quarterly report for the three months ending June this year, a total of six companies out of the 64 listed ones remain suspended […]
They were not supposed to collapse. But when they did, the once robust kings of the local retail sector left a trail of expensive tears and went down with more than Sh43 billion of suppliers’ money. By any estimation, it is a tragedy for many businesses that relied on these supermarkets to survive. The retail […]
By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country, a letter seen by Reuters shows and the company confirmed. In the letter, addressed to the Kenyan […]
A shopper navigates filled-up shelves at Nakumatt Prestige Plaza on Ngong Road in Nairobi on June 29, 2018 during better times for the retailer. File Uchumi talked of expanding to 50 branches across East Africa in 2015 after raising Sh900 million from shareholders. In reality, the retailers dug themselves into a hole by using supplier […]
By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country, a letter seen by Reuters shows and the company confirmed. In the letter, addressed to the Kenyan […]
Uchumi Supermarket rose twice from the jaws of death and, for the third time in two decades, is once again facing its demise under the weight of a Sh4.2 billion debt. Worse still, it has no assets to sell. At best, the 150 creditors have been asked to forfeit their Sh3.2 billion debt to Uchumi […]
The top 5 gainers of the day at the Nairobi Securities Exchange on Wednesday were TPS Eastern Africa (Serena), Umeme, Sameer Africa, Bamburi Cement, and Nation Media Group. TPS Eastern Africa (Serena) gained 9.92 percent at the price of 14.40 shillings per share followed by Umeme with a gain of 9.88 percent at the price […]
A section of the Naivas Capital Centre outlet. PHOTO | SALATON NJAU | NMG Supermarket chain Naivas has raised Sh6 billion from the sale of a 30 per cent stake to a consortium of investors, including the International Finance Corporation (IFC), valuing the retailer at Sh20 billion. The amount paid in the deal, one of […]
By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country, a letter seen by Reuters shows and the company confirmed. In the letter, addressed to the Kenyan […]
Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening as part of the supermarket’s expansion into the east African country. Photo: File JOHANNESBURG – South Africa’s Shoprite Holdings will lay off 115 staff and close another Kenyan store, less than a year after its opening […]
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