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Uchumi Prices On the Rise As Market Prepares for Rights Issue Scramble.
(From East African (Kenya) - AAGM)
PHILIP NGUNJIRI reports that the rights issue is part of a broad restructuring exercise meant to return Uchumi to profitability following a near collapse two years ago
Investors are expected to easily take up Ksh1.2 billion ($15.6 million) in new shares floated by Kenya's retail chain - Uchumi Supermarkets.
The rights issue is part of a broad restructuring exercise meant to return the company to profitability following a near collapse two years ago caused by, among other things, an expansion programme financed by short-term capital.
The company's shares have shot up from Ksh16 ($20 US cents) to Ksh24 …
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