Uchumi gets CMA nod to delay results

Unfavorable economic conditions and legal battles are derailing Uchumi's plans to release financial results as required.

___5702911___https:______static.pulse.com.gh___webservice___escenic___binary___5702911___2016___11___3___14___uchumi2

Kenya’s struggling supermarket chain, Uchumi, has asked that its results for the financial year ending June 30, 2016 be delayed.

The chief executive, Dr Julius Kipng’etich, pleaded with shareholders to wait much longer citing the harsh economic times.

The Capital Markets Authority, the regulator of the country’s capital markets has okayed Uchumi’s plea for more time.

The Uchumi boss, who promised a turnaround when he was appointed, says the results will be released on or before December 31, 2016.

“This is due to the turbulent business environment faced by the company including defending a winding up petition,” read the notice signed by the Chief Executive.

Uchumi is listed in the Nairobi Exchange and its shares have been trading between Ksh3.45 and KSh3.50 for the last two days.

The Board of Uchumi has been oozing confidence that the changes that it has made will lay a solid and sustainable foundation for the company to grow and enhance shareholder value.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Guys, here are 15 truths your girlfriend never wants to admit to you

Guys, here are 15 truths your girlfriend never wants to admit to you

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

Why do men get so, so angry when they're cheated on?

Why do men get so, so angry when they're cheated on?

Over 100 strangers surprise Kenyan couple on their wedding day [Video]

Over 100 strangers surprise Kenyan couple on their wedding day [Video]

A guide on How to Simp, and why it's necessary

A guide on How to Simp, and why it's necessary

Ben Cyco, Wanjiru Njiru finally married, stunning photos from the couple's wedding

Ben Cyco, Wanjiru Njiru finally married, stunning photos from the couple's wedding

Can you stomach rejection? 8 tips to help when she says 'No' to you

Can you stomach rejection? 8 tips to help when she says 'No' to you

5 activities every adult should know how to do

5 activities every adult should know how to do

8 signs your guy really wants to marry you

8 signs your guy really wants to marry you