Nipate
Forum => Kenya Discussion => Topic started by: gout on October 31, 2014, 04:46:41 PM
-
Genghis Capital is concerned the retail company has been “burning through huge cash piles”. Uchumi has already borrowed hundreds of millions from local banks.
http://www.businessdailyafrica.com/Uchumi-stock-now-declines-below-discounted-cash-call-price-/-/539552/2504186/-/11qmqmr/-/index.html
However, Mr Ciano did not disclose how much the retailer owes its suppliers. In its annual results announced earlier this month, Uchumi reported a Sh1 billion jump in current liabilities to Sh3.4 billion for the year ended June 2014, while its financing costs surged to Sh64 million from Sh16 million in 2013.
......
The businessman is the founder of Kevian Kenya Limited, which manufactures Afia and Pick n Peel juice. He said most of the debts date back from last year, but was guarded on the overall amount that Uchumi owes the suppliers.
“It’s a lot of money that involves millions but I cannot divulge details,’’ said Mr Rugendo. “It will be a good gesture if the payments are made so that Uchumi could continue with its recovery plans and implement its expansion plans.”
http://www.businessdailyafrica.com/Corporate-News/Uchumi-takes-Sh405m-Co-op-loan/-/539550/2461026/-/pj3nht/-/index.html
The listed retailer in its latest annual report said it borrowed the funds at an interest rate of 18 per cent and that the loan is repayable in a year, meaning Uchumi will incur Sh108 million in finance costs.
http://www.businessdailyafrica.com/Corporate-News/Uchumi-secures-additional-Sh600m-KCB-loan/-/539550/2494892/-/v21vjk/-/index.html
the cost of capital in Kenya is just crazy ......