In one of the day’s rather surprising news, it has emerged that despite not releasing their financial results for four years in a row, loss-making Uchumi is still listed on the Nairobi Securities Exchange (NSE).
The entity which met a slow but fatal collapse in the last decade is still trading its shares, albeit at a literal throwaway price of Sh20 cents.
Less than a quarter of a shilling.
Insiders who confided in kenyanbulletin.com claim that the sleeping giant is in an attempt to bank on the festive season in a bid to revamp their remaining cluster branches.
Kenyans have, however, faulted the industry’s regulator, Capital Markets Authority (CMA) for allowing the company to stay bourse despite it being fully qualified for delisting.
Most have been left baffled how the company is still trading despite breaking nearly all regulations.
Uchumi’s story played out like a script from a fairly tell by Wilhelm Grimm, ‘The sleeping beauty.’
Opened in 1975 to create outlets for the equitable distribution of commodities and to create retail outlets for Kenyan manufactures, Uchumi Supermarket grew to become a retail success story in Africa.
It was the first in the region to list on the stock exchange in 1992.
The listed retailer closed down, albeit temporarily, and was placed in receivership during June 2006 after 30 years of business.
At the time, its closure was described as “one of the greatest corporate disasters in independent Kenya history.
Just like the sleeping princess, the retailer has remained in a coma despite numerous rescue plans by the government.
