Uchumi Supermarket has finally exited the Uganda and Tanzania markets after posting a series of poor results over the past three years.
The decision to close down the branches was reached after the management in the company developed an ambitious strategy to reorganize the ailing chain store in a bid to start posting profits.
Confirming the latest developments, Uchumi Chief Executive Officer Julius Kipngetich said that the Capital Markets Authority and the Nairobi Securities Exchange as well as other stake holders have been informed of the decision, adding that soon the company will seek approval from shareholders to implement the decision.
Kipngetich, who succeeded Jonathan Ciano two months ago, has a huge task ahead of him to restore investor confidence and turn round the company’s performance within the shortest time possible. He is a good manager-from Kenya Wildlife Service and Equity Bank-and if his fat CV is anything to go by then Kenyans will have nothing to worry about.
