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21 Pages«<1718192021>
Uchumi - A value play?
Ericsson
#361 Posted : Tuesday, December 11, 2018 11:01:28 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,874
Location: NAIROBI
HaMaina wrote:
Is there any info on Uchumi, there seems to be unusually high demand for the past 5 days.


Cash injection from the Kasarani land sale
Ericsson
#362 Posted : Wednesday, March 27, 2019 11:26:10 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,874
Location: NAIROBI
Take 30 Percent Or Lose All, Uchumi Tells Creditors

A tussle is ensuing between Uchumi Supermarket and its creditors over Ksh3.6 billion it (Uchumi) owes to them.

The retailer has given the creditors two options, either take 30 percent of what they owe it, or risk losing all their money. This means that the creditors are juggling between losing all their money, take Ksh1.2 billion and forfeit over Ksh2.4 billion or hold on to the liquidation case in court of the retailer.

In court papers, Uchumi says that if creditors decide to go the liquidation way, the assets owned by the supermarket may be not enough to repay all the debts.

The retailer also argues that the debts might go down, after a verification and reconciliation exercise with the creditors.

“It is believed that the verification will result in reduction of the amounts owed, thereby paving way for negotiation to obtain a 70 percent discount on the final agreed payable amount,” says Owen Koimburi, Uchumi’s new provisional supervisor.

In case the court gives a nod, Uchumi is planning a creditors’ meeting on April 23 to convince them to board the Company’s ‘Voluntary’ Arrangement (CVA) for the ‘discount’.

The court papers read, “The directors have indicated that it is only under the CVA where the creditors will expect to recover a portion of their debts. If the proposal is rejected by the company’s creditors, the likely effect is that the company will enter into liquidation”.

A liquidation motion was filed in court in Sepptember 2018 by Githunguri Dairy Cooperative Society which is seeking to recover Ksh44.8 million owed by the retailer.

Other creditors Uchumi owes include
UBA (Ksh172 million),
Uchumi Staff Provident Fund Trustees (Ksh122.7 million),
New KCC (Ksh89 million),
Chandaria Industries (Ksh68.7),
Euromart (Ksh67.5),
Colgate (Ksh45.5 million),
Taroni Holdings (Ksh45.1),
Securitas Ltd (Ksh39.9 million) and Interconsumer Products (Ksh38.2 million).

Uchumi also owes
Tropikal Brands Afrika Ksh35 million,
Manji Food Industries Ksh18.6 million,
Kapa oil Refineries Ksh15.3 million,
Equitorial Nut Processors Ksh21.3 million,
Leading Locks Ksh12.8 million,
L’oreal EA Ksh9.6 million,
Insyc Solutions Ksh8.4 million,
Professional Marketing Services Ksh4 million,
Honey Care Ksh2.8 million and Connect IT Ltd Ksh1.4 million.

The creditors, through the Kenya Association of Suppliers (AKS) have objected Uchumi’s proposal of the VCA.

“We will not agree to that (plan), we want full payment,” said AKS chairman Mr Kimani Rugendo as quoted by Business Daily.

Currently, Uchumi is involved in over 45 litigations with its suppliers while 30 creditors have joined the liquidation case.
MugundaMan
#363 Posted : Wednesday, March 27, 2019 11:48:25 AM
Rank: Veteran


Joined: 1/8/2018
Posts: 1,700
Location: DC (Dustbowl County)
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!
"The fool says in his heart, "There is no God." - Psalm 14:1
Dustbowl County is the Future of Kenya.
**1700 posts = Adios (for real this time!)**
obiero
#364 Posted : Friday, May 03, 2019 5:48:39 PM
Rank: Elder


Joined: 6/23/2009
Posts: 11,859
Location: nairobi
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust
COOP 5,500; KCB 3,700; KQ 221,100
Ebenyo
#365 Posted : Saturday, May 04, 2019 9:46:29 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,663
Location: Kitale
Ericsson wrote:
Take 30 Percent Or Lose All, Uchumi Tells Creditors

A tussle is ensuing between Uchumi Supermarket and its creditors over Ksh3.6 billion it (Uchumi) owes to them.

The retailer has given the creditors two options, either take 30 percent of what they owe it, or risk losing all their money. This means that the creditors are juggling between losing all their money, take Ksh1.2 billion and forfeit over Ksh2.4 billion or hold on to the liquidation case in court of the retailer.

In court papers, Uchumi says that if creditors decide to go the liquidation way, the assets owned by the supermarket may be not enough to repay all the debts.

The retailer also argues that the debts might go down, after a verification and reconciliation exercise with the creditors.

“It is believed that the verification will result in reduction of the amounts owed, thereby paving way for negotiation to obtain a 70 percent discount on the final agreed payable amount,” says Owen Koimburi, Uchumi’s new provisional supervisor.

In case the court gives a nod, Uchumi is planning a creditors’ meeting on April 23 to convince them to board the Company’s ‘Voluntary’ Arrangement (CVA) for the ‘discount’.

The court papers read, “The directors have indicated that it is only under the CVA where the creditors will expect to recover a portion of their debts. If the proposal is rejected by the company’s creditors, the likely effect is that the company will enter into liquidation”.

A liquidation motion was filed in court in Sepptember 2018 by Githunguri Dairy Cooperative Society which is seeking to recover Ksh44.8 million owed by the retailer.

Other creditors Uchumi owes include
UBA (Ksh172 million),
Uchumi Staff Provident Fund Trustees (Ksh122.7 million),
New KCC (Ksh89 million),
Chandaria Industries (Ksh68.7),
Euromart (Ksh67.5),
Colgate (Ksh45.5 million),
Taroni Holdings (Ksh45.1),
Securitas Ltd (Ksh39.9 million) and Interconsumer Products (Ksh38.2 million).

Uchumi also owes
Tropikal Brands Afrika Ksh35 million,
Manji Food Industries Ksh18.6 million,
Kapa oil Refineries Ksh15.3 million,
Equitorial Nut Processors Ksh21.3 million,
Leading Locks Ksh12.8 million,
L’oreal EA Ksh9.6 million,
Insyc Solutions Ksh8.4 million,
Professional Marketing Services Ksh4 million,
Honey Care Ksh2.8 million and Connect IT Ltd Ksh1.4 million.

The creditors, through the Kenya Association of Suppliers (AKS) have objected Uchumi’s proposal of the VCA.

“We will not agree to that (plan), we want full payment,” said AKS chairman Mr Kimani Rugendo as quoted by Business Daily.

Currently, Uchumi is involved in over 45 litigations with its suppliers while 30 creditors have joined the liquidation case.







According to uchumi financial results for year ended 30th June 2017,
Total assets were worth kshs 4,327,281,000.
Total liabilities were kshs 7,711,959,000
This means if uchumi is to be liquidated,the creditors will suffer a kshs 3,384,678,000 loss which is 44%.
So it's up to creditors.If they accept 30% from Uchumi,they will suffer 70% loss.If it's liquidated as per 2017 results,they will suffer 44% loss.
Towards the goal of financial freedom
KaunganaDoDo
#366 Posted : Sunday, May 05, 2019 8:33:39 PM
Rank: Member


Joined: 8/6/2018
Posts: 155
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


You think this will be the end of Uchumi? No
....This Company Voluntary Arrangement was called by Uchumi Board, they did Background check with some Creditors to get prerequisite support. Under CVA , This requires at least 75% of creditors support. These creditors include Banks, Government and Suppliers. Already KCB and GOK are on board. The creditors who took up the case to court for liquidation are owed 865M... Total Creditors is around 6.6B....which Governmemt and KCB 3B....It will be a hard task for the force of liquidation to win this battle. You don't go the CVA way unless you have strong backing. Once the CVA is passed, the legal proceedings in courts are rendered obsolete. A new lean Company will emerge.
KaunganaDoDo
#367 Posted : Sunday, May 05, 2019 8:43:27 PM
Rank: Member


Joined: 8/6/2018
Posts: 155
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%.
VituVingiSana
#368 Posted : Sunday, May 05, 2019 9:25:52 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,042
Location: Nairobi
KaunganaDoDo wrote:
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%.
Watapata 25%. Someone has to start the ball rolling.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
KaunganaDoDo
#369 Posted : Sunday, May 05, 2019 9:35:19 PM
Rank: Member


Joined: 8/6/2018
Posts: 155
VituVingiSana wrote:
KaunganaDoDo wrote:
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%.
Watapata 25%. Someone has to start the ball rolling.


The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard.
obiero
#370 Posted : Sunday, May 05, 2019 9:40:24 PM
Rank: Elder


Joined: 6/23/2009
Posts: 11,859
Location: nairobi
KaunganaDoDo wrote:
VituVingiSana wrote:
KaunganaDoDo wrote:
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%.
Watapata 25%. Someone has to start the ball rolling.


The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard.

Back on board but who is still shopping at the same.. I personally stopped going there and I sorely miss their fresh bread, fruit cake and the sandwich
COOP 5,500; KCB 3,700; KQ 221,100
VituVingiSana
#371 Posted : Sunday, May 05, 2019 9:44:08 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,042
Location: Nairobi
KaunganaDoDo wrote:
VituVingiSana wrote:
KaunganaDoDo wrote:
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%.
Watapata 25%. Someone has to start the ball rolling.


The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard.
It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#372 Posted : Tuesday, May 07, 2019 11:39:35 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,042
Location: Nairobi
KDF says the land in Kasarani is theirs.
They have occupied the land.
Is Uchumi going to sue KDF?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
KaunganaDoDo
#373 Posted : Wednesday, May 08, 2019 9:33:14 AM
Rank: Member


Joined: 8/6/2018
Posts: 155
VituVingiSana wrote:
KDF says the land in Kasarani is theirs.
They have occupied the land.
Is Uchumi going to sue KDF?


KDF wanted it, but it was sold to the highest bidder
KaunganaDoDo
#374 Posted : Wednesday, May 08, 2019 10:14:18 AM
Rank: Member


Joined: 8/6/2018
Posts: 155
VituVingiSana wrote:
KDF says the land in Kasarani is theirs.
They have occupied the land.
Is Uchumi going to sue KDF?


HIGH COURT JUDGEMENT ON KASARANI LAND
VituVingiSana
#375 Posted : Wednesday, May 08, 2019 10:31:30 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,042
Location: Nairobi
KaunganaDoDo wrote:
VituVingiSana wrote:
KDF says the land in Kasarani is theirs.
They have occupied the land.
Is Uchumi going to sue KDF?

HIGH COURT JUDGEMENT ON KASARANI LAND
Good luck to all Uchumi shareholders.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
KaunganaDoDo
#376 Posted : Wednesday, May 08, 2019 10:59:11 AM
Rank: Member


Joined: 8/6/2018
Posts: 155
VituVingiSana wrote:
KaunganaDoDo wrote:
VituVingiSana wrote:
KDF says the land in Kasarani is theirs.
They have occupied the land.
Is Uchumi going to sue KDF?

HIGH COURT JUDGEMENT ON KASARANI LAND
Good luck to all Uchumi shareholders.


Next utasikia Uchumi has gone to court. And the court gives Uchumi damages, Millions of shillings. The taxpayers funds this payout, and boom, THE BAILOUT IS COMPLETED
VituVingiSana
#377 Posted : Wednesday, May 08, 2019 7:30:34 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,042
Location: Nairobi
Troubled retail chain Uchumi Supermarkets is locked in a land ownership dispute with the Kenya Defence Forces (KDF), which has laid claim to a 20-acre prime parcel of land located in Kasarani, near the Thika Superhighway.
KDF has moved its equipment on the disputed land, creating a standoff with the cash-strapped retailer.

“The Roysambu KDF Camp is on Ministry of Defence land; the issue of laying claim to a military camp does not arise. The onus is on the claimant to provide evidence,” said the KDF spokesperson Colonel Paul Njuguna in a response to Business Daily queries.

https://www.businessdail...5268-hftuivz/index.html

Good luck to all Uchumi shareholders getting back this land from KDF anytime soon, if at all.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
obiero
#378 Posted : Wednesday, May 08, 2019 8:40:07 PM
Rank: Elder


Joined: 6/23/2009
Posts: 11,859
Location: nairobi
VituVingiSana wrote:
Troubled retail chain Uchumi Supermarkets is locked in a land ownership dispute with the Kenya Defence Forces (KDF), which has laid claim to a 20-acre prime parcel of land located in Kasarani, near the Thika Superhighway.
KDF has moved its equipment on the disputed land, creating a standoff with the cash-strapped retailer.

“The Roysambu KDF Camp is on Ministry of Defence land; the issue of laying claim to a military camp does not arise. The onus is on the claimant to provide evidence,” said the KDF spokesperson Colonel Paul Njuguna in a response to Business Daily queries.

https://www.businessdail...5268-hftuivz/index.html

Good luck to all Uchumi shareholders getting back this land from KDF anytime soon, if at all.

"Uchumi fights KDF for Kasarani land".. I should be a newspaper editor
COOP 5,500; KCB 3,700; KQ 221,100
KaunganaDoDo
#379 Posted : Monday, May 13, 2019 5:01:27 PM
Rank: Member


Joined: 8/6/2018
Posts: 155
VituVingiSana wrote:
KaunganaDoDo wrote:
VituVingiSana wrote:
KaunganaDoDo wrote:
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%.
Watapata 25%. Someone has to start the ball rolling.


The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard.
It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters.


UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5B
uppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer.

The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied.

The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt.

“This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets.

In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money.

The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018.
obiero
#380 Posted : Monday, May 13, 2019 5:45:24 PM
Rank: Elder


Joined: 6/23/2009
Posts: 11,859
Location: nairobi
KaunganaDoDo wrote:
VituVingiSana wrote:
KaunganaDoDo wrote:
VituVingiSana wrote:
KaunganaDoDo wrote:
obiero wrote:
MugundaMan wrote:
The funny thing is you will still see people throwing good money into the casino despite proper shavings like these Laughing out loudly . Isatragedy. GET OUT of the casino before it is TOO LATE buddies!

Another one bites the dust


Ask yourself, according to Court Records, out of the 6.6B worth of creditors Money, the only creditors owed 865M were the one enjoyned in the liquidation prayers. This tells you that most of the creditors dont want this liquidation. 13% of the creditors. They require more than 25%.
Watapata 25%. Someone has to start the ball rolling.


The ball has been in the legal Court for 6 months, asking people interested to be enjoyned. Only 13 per cent have shown ethuciasim. Before a board can call for CVA, you do your background first. Otherwise it will be Russian Roulette. Most Suppliers, including Multinationals like Coca-Cola have already resumed, and are thus onboard.
It's a process. In KE, 6 months into a court case is just the beginning. Look at banks who sue defaulters.


UCHUMI SUPPLIERS AGREE TO FORFEIT 2.5B
uppliers of troubled Uchumi supermarkets have agreed to forfeit Ksh.2.5 billion debt owed to them as part of a proposed recovery plan for the retailer.

The slash on debt represents 70 percent of the total Ksh.3.6 billion owed to the suppliers for goods supplied.

The suppliers will be paid 30 percent of the accruing debt, 40 percent of the debt will be converted to equity through preferential shares while 30 percent will be discounted debt.

“This is a positive development for the company. It will however be an ongoing stakeholder engagement at both the company and shareholder level,” said Mohammed Mohammed CEO Uchumi Supermarkets.

In March this year, Uchumi gave the creditors two options; either take 30 percent of what the retailer owes them or be prepared to lose all their money.

The adoption of the debt redemption strategy under Uchumi’s self initiated Company Voluntary Agreement (CVA) gives breathing room to the under fire retailer having faced a barrage of winding up petitions in 2018.

No one will supply them even if they manage to reopen
COOP 5,500; KCB 3,700; KQ 221,100
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