Jamii Bora Bank has said it was duped into investing in Uchumi supermarkets, after it realised the information memorandum it based the decision on "works of fiction". Jamii Bora is the single largest shareholder of Uchumi with a 15.19 per cent stake. Jamii Bora replaced the government as top shareholder in 2014, after buying shares during the 2014 Uchumi rights issue that raised Sh1.5 billion. “The situation looks bad, and I agree you can feel like you could cry when you walk in through Uchumi supermarkets. “But we still believe in the business case that we made when investing in Uchumi."

Source: The Star June 08, 2016 03:11 UTC