Kenyan Supermarket Chain Uchumi Set For Expansion
Kenyan supermarket chain Uchumi is seeking investors for expansion and plans to be listed soon on the Uganda, Tanzania and Rwanda stock exchanges, according to a report in VenturesAfrica.
The company has applied to authorities in theses countries to trade stocks there, the report said. Listing in the three exchanges in East Africa could give the company exposure to its 13o-million-population.
Jonathan Ciano, the CEO of Uchumi Supermarkets, confirmed that the retailer had applied to the Uganda Securities Exchange, Rwanda Stock Exchange and Dar-es-Salaam Stock Exchange.
Rwanda runs an over-the-counter market. Stocks trade via a dealer network as opposed to a centralized exchange. Debt securities and other financial instruments such as derivatives are traded through the dealer network.
“We have applied in Kampala, Dar es Salaam and Kigali for the cross-listing. This is something we are now implementing. So we are awaiting approvals,” Ciano said.
In recent years, the chain has been in expansion mode in the region and at home after recovering from slow growth seven years ago.
It hopes to launch a new network of stores in Kenya, Uganda and Tanzania and to set up shop in South Sudan and Rwanda.