Fresha Dairy and Keblest millers have joined a petition seeking to wind up Uchumi Suermarkets due to Sh. 250 million claims.
The Kenblest Group plans to enter the suit through two of its firms —bread maker Kenblest Limited and its wheat flour arm Mcneel Millers. Mcneel Millers wants Sh52.7 million recovered while its sister company is demanding Sh6.1 million.
Githunguri Dairy Farmers Co-operative Society’s demand is the highest in the suit as it seeks to have Sh99 million recovered from the liquidation of Uchumi. Insync claims it is owed Sh4.2 million.
“Take notice that Githunguri Dairy Farmers Co-operative Society, a creditor for Sh99,001,088 intends to appear on the hearing of the petition to support it,” Fresha’s application reads.
The High Court has opened the door for Uchumi’s creditors to join the case to either support or oppose the winding up petition.
Uchumi’s total liabilities have surpassed its assets by nearly Sh200 million, putting the firm in a negative equity position.
The retailer’s debt load of Sh6.3 billion against a total asset base of Sh6.1 billion has crystallised into a negative equity of Sh181.8 million, or Sh0.49 per share as per half-year financial statements to December.