Uchumi Supermarket To Open Two Branches in Dar es Salaam

Uchumi supermarket is set to open two branches in Dar es Salaam. According to the CEO Jonathan Ciano, the new branches will be opened in two phases.
“The first new branch in Dar es Salaam will be opened Monday next week while the other one will be opened in April,’’ He told Business Daily.
He also revealed that the expansion will be financed by the rights issue in its existing markets; the supermarket is  expected to issue up to 100 million shares. This move is a part of an expansion plan Uchumi has undertaken in the last few months.
The supermarket is also set to open three new branches in Kenya in coming months; one in Syokimau, Maua and Juja. The move comes at a time when supermarkets are rushing to dominate the East African markets with South Africa’s Massmat looking to buy majority shares at Naivas. Nakumatt is also set to sell some stakes to an unknown foreign investor.
Uchumi is said to have borrowed up to Sh300 million from the Industrial and Commercial Development Corporation, a development finance parastatal that controls about 1.75 per cent of its shares. The money will also help finance its expansion programme.