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Uchumi Supermarkets is set to get a government bailout of Sh. 500 million. This is according to this year’s supplementary Budget estimates tabled in the National Assembly on Thursday last week.
The new bailout was termed by Treasury Secretary Henry Rotich as “equity participation”. This will be the second time that the retailer will be getting a bailout after a similar package in of Sh. 675 million was issued in 2011.
The bailout comes as Uchumi sinks into negative asset position with a debt load of Sh6.3 billion against a total asset base of Sh 6.1 billion as per half-year financial statements to December 2015.
