Uchumi to release delayed results at end of the year

Uchumi Supermarkets has been battling suppliers in court. PHOTO | FILE The firm’s chief executive, Julius Kipng’etich, says the delay has been occasioned by a tough business environment and a winding up petition it has been battling in court brought against the cash-strapped firm by its suppliers.

“Uchumi Supermarkets Limited hereby notifies the investing public that the financial statements for the year ended 30th June 2016 shall be published on or before the 31st Day of December 2016,” said Mr Kipngetich in a notice Thursday.

“This is due to the turbulent business environment faced by the Company including defending a winding up petition.”

The deadline for submission of results to Kenyan financial authorities is October 31st.

The Capital Markets Authority (CMA) had on Wednesday confirmed that it gave the retailer room to clear up its issues before releasing its financials as required by law.

“Yes, we granted an extension as the company highlighted several challenges it has faced thus necessitating delay in publication of the results for the financial year ended June 30, 2016,” said the regulator.“They are required to publish a notice highlighting that they would delay publication and also indicate the date that they will publish. The same is to be approved […]

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