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Cash Strapped Uchumi Appoints New Directors In Recovery Plan

[PHOTO/ COURTESY]

Mr Beiju Shah and Mr Fred Rabongo have been appoinyted as independent non-executive directors of cash strapped Uchumi Supermarket.

Mr Baiju is a technology and financial systems expert while Mr Rabongo is a corporate business strategist and and a businessman with a background in advertising,marketing , outsourcing and business development.

Rabongo also unsuccessfully ran for the Homa Bay senatorial seat during the 2015 by-election after the death of Otieno Kajwang.

Rabongo is also a former National Social Security Fund (NSSF) Managing Trustee.

“The board takes this opportunity to welcome the new directors and is looking forward to drawing from their respective experiences and expertise in steering Uchumi forward,” read a statement from the retailer.

The appointments took effect from February 26.

Read: CMA To Retain Ksh458 Million ‘Income’ For Insider Trading Suspects In KenolKobil Takeover Deal

The retail chain’s latest financial report indicates that after-tax loss nearly doubled to Ksh895 million as at December 31, 2017 from Ksh547 million recorded during a similar period the previous year.

The Nairobi Stock Market-listed company is set to announce its 2018 financial results by March 21.

Last year, it launched a turnaround strategy by forming a committee that consists of retail, legal and accounting consultants who will spearhead the restructuring processes within the supermarket.

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Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.
Email: mulifranc2@gmail.com

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