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(From East African (Kenya) - AAGM)
Byline: Philip Ngunjiri
The Ksh1.2 billion ($16.2 million) Uchumi Supermarkets rights issue has attracted overwhelming participation by Ugandan investors and suppliers, who are owed millions of shillings by the retail chain.
According to James Murigu, chief executive of the issue's sponsoring stockbrokers Suntra Investment Bank, the response from Uganda has been particularly rosy because the supermarket has become the retail store of choice for many Ugandan shoppers.
The Ugandan subsidiary, which has been in operation for the past three years, is performing very well and is contributing about 20 per cent …