Kenyan retail chain Uchumi consider to expands its operations in East African nations like Nigeria, Ethiopia and the Democratic Republic of Congo. Uchumi is the only publically traded retail chain in Kenya.
Uchumi’s Chief executive officer Julius Kipng’etich told the Company’s shareholders in Nairobi that Nigerian retail industry is not well developed and that points to opportunities. Kipng’etich pointed that in Ethiopia Uchumi started its operations three years ago. Uchumi also plan to re enter the neighborhood market like Tanzania and Uganda, where its closes the loss making stores a year sgo.
Kipng’etich took control at Uchumi in August, two months after the company’s board let go his antecedent, Jonathan Ciano, and Chief Financial Officer Chadwick Okumu and contracted KPMG LLP to lead a criminological review in the midst of “administration slips.” Ciano and Okumu denied any wrongdoing. The organization posted an entire year loss of 3.2 billion shillings ($31.2 million) in November.