Kenya’s struggling supermarket chain, Uchumi, has asked that its results for the financial year ending June 30, 2016 be delayed.
Uchumi gets CMA nod to delay results
Unfavorable economic conditions and legal battles are derailing Uchumi's plans to release financial results as required.
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.
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