Kipng’etich said that the company has narrowed down to three investors from a list of 39, who had expressed interest in partnering with the organisation.
The retail store Uchumi Supermarkets is closing down on a strategic investor and partner who will inject Sh5 billion to the company in its turn-around strategy.
Uchumi Chief Executive Officer Julius Kipng’etich yesterday said that the company has narrowed down to three investors from a list of 39, who had expressed interest in partnering with the organisation.
The strategic partner is expected to inject funds for stocking the retailers stores countrywide.
“Plans to have an investor to partner with Uchumi are ongoing and by mid this year, the company will reveal the most suitable investor that we will work with to bring life back to the company,” Kipng’etich said.
The company management said part of its turnaround strategy also includes adoption of a franchising model, funding through a shareholder loan, ICT improvement and supplier support.
“Apart from the strategic investor we will be employing other tactics to make sure that the company manages to make a comeback to profit making,” Kipng’etich said.