| Updated Wed, July 12th 2017 at 00:00 GMT +3Shoppers at an Uchumi outlet in Nairobi. [Wilberforce Okwiri, Standard]Struggling retail chain Uchumi Supermarkets is close to inking a deal that will boost its cash flow by Sh3.5 billion after protracted talks with a strategic investor. Uchumi Chief Executive Julius Kipng’etich was also quoted by an online news outlet, saying the deal was awaiting regulatory approval before it is officially announced. Uchumi had hoped a strategic investor would pump in excess of Sh5 billion in exchange for a controlling stake. Uchumi owes suppliers Sh3.6 billion, with another Sh2.5 billion debt held by banks through charged assets, although talks of the conversion have since died down after Uchumi avoided a winding up suit last year.

Source: Standard Digital July 11, 2017 17:03 UTC