Uchumi revealed: Shedding some light on the Uchumi bond proposal, the receiver manager has stated that the problems that shut down Uchumi had more to do with management style than the market conditions. The newspaper says that the 650 million to be raised, 280 million will go to pay suppliers & creditors, 23 million interest on (bank) loans, 52m to pay terminal benefits of staff, 200m working capital as the company plans to open 3 new branches in Mombasa, Nairobi, and Kisumu.
The article adds that all suppliers have been paid for deliveries made in the last 12 months i.e. the company is profitable. The company had sales of Kshs. 1.3 billion in the first quarter of the year and had 2.8 million shoppers visit their stores. Sarit is their best store with April revenue of 90 million followed by Ngong Rd hyper with 68m (last was Eldoret with 8m) from an offline story in the financial standard.
Note: even if they re-list, won’t they be in the same boat as NBK and be unable to pay dividends for several years?
Rights Issue: Olympia’s rights issue was formally announced today with an offer for shareholders to buy 3 shares for each held.
Newspapers: New newspaper from the KISS team – called the Nairobi Star and billing itself as Kenya’s first full-color daily newspaper launches next week
– But what happened to the Kenya Times website frozen on June 8?
Trade not aid: According to an Oxfam report subsidies are responsible for poverty among African cotton farmers.
Political worm: Raila Odinga gets unfairly blamed for a lot of things, but he is not responsible for a malicious computer virus bearing his name that has caused IT admin’s some headaches this month
uh oh: Why is Obama’s campaign getting stuck?
uh oh 2: Sad to read that former track darling Marion Jones is
almost broke. Even though she wasn’t a big spender like Tyson or Jackson, legal bills fending off drug allegations have taken their toll on her finances.
Uh oh 3 & 4 : Zimbabwe to do a takeover of foreign businesses as Uganda parliamentarians have given Barclays, Sheraton, Kakira Sugar, and Uganda Telecom one year to float part of their share on the Uganda stock exchange.