Uchumi supermarket branch. [Photo/businessdaily] Uchumi Supermarkets has announced that it will delay the release of for the financial year ending June.The NSE-listed supermarket will now issue the results on or before mid-next month. Uchumi cited delays in receipt of confirmations required to facilitate completion of the audit process.The supermarket obtained permission from the Capital Markets Authority to delay the announcement.Chief executive officer Julius Kipng’etich said, “Uchumi Supermarkets Plc hereby notifies the shareholders and the investing public due to delays in receipt of some confirmations required to facilitate completion of the audit process, the approval and publishing of the results for the year ended 30th June 2017 will be delayed.”“The Board targets that the results will be approved and published on or before 15th November 2017.”The chain retailer said that it was unable to get a satisfactory picture of the financial standing of the closed subsidiaries owing to government restrictions in Uganda and Tanzania combined with logistical challenges at the time of closure.
It also claimed that the delay was also caused by a change in the external auditors.