Uchumi Supermarket along Aga Khan Walk, Nairobi.[photo/the-star.co.ke]Uchumi Supermarket has set its eyes on an Asian investor after its negotiations with a US private investment firm Kuramo Capital failed to sail through.
Reports indicate that the New York based private equity fund bid for Sh.3.5 billion stake in the retailer failed due to a number of reasons among them; the amount the investor was to input in the ailing retailer as commitment to reviving the chain and information that the national government is preparing to sell all or part of its 14.1% stake after the retailer stabilizes.
Speaking to the Business Daily, an official privy with the negotiations said that they failed to reach a consensus and as such they have set their eyes on an Asian investor to take up the role that was to be filled by Kuramo Capital.
“The discussions with Kuramo fell through. We are talking to a new equity investor from Asia,” the official said as quoted by The Business Daily.However due to sensitivity of the matter, the informant remained tight lipped on the details of who the Asian investor is and why Kuramo Capital exactly left.
“I cannot give more details about the new potential investor or why Kuramo Capital left,” the source is further quoted by The Business daily.In the month of December, Uchumi showed signs of revival after the government injected in Sh. 700 million which were used to settle debts, pay employees and restock its stores.