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Uchumi FY15 Loss of Ksh. 3.42 Bn
Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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  Quote:Performance
The above results are as a result of efforts by the board of directors to clean up the books and create a platform for an immediate return to profitability.
These are figures as at June 30, 2015 and reflect the legacy issues that were undermining the performance of the business. The Company has also provided for KShs1.6 billion in respect of the impairment of the recently closed subsidiaries in Tanzania and Uganda and KShs1.04 billion for write-off, which relates to items arising from management misrepresentation and manipulation of the system by the previous management. Accordingly, some prior year numbers have been restated to reflect the correct financial position of the organization as at June 30, 2014.
The new management has crafted a transformation plan to optimize and put the business on a growth trajectory through staff and store rationalization, disposal of non-core property as well as engagement of our suppliers and customers whose effect has been
sustained loyalty and increase of stock availability on our shelves.
Board Changes
Three members of the board of directors of Uchumi Supermarkets Limited who were due for re-election in the forthcoming annual general meeting have opted not to seek re-election. The chairperson Khadija Mire and directors James Murigu and Bartholomew Ragalo will step down during the AGM. The board of directors has nominated Catherine Ngahu, executive director of SBO Research
and former chair of Kenya ICT Board to be the new chairperson and Louis Otieno of Microsoft Africa as a director to fill casual vacancies on the board subject to confirmation by the shareholders at the forthcoming AGM.
BY ORDER OF THE BOARD
Ms. Khadija Mire,
Chairperson Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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Wah. Kipng'etich is the man. I would like to know Why did he left Equity Bank. A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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dunkang wrote:Wah. Kipng'etich is the man.
I would like to know Why he left Equity Bank.
A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. Am liking the two. They do the right thing regardless of the consequences. Clean up the whole mess let's start even if it takes time. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 6/23/2009 Posts: 13,782 Location: nairobi
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Boris Boyka wrote:dunkang wrote:Wah. Kipng'etich is the man.
I would like to know Why he left Equity Bank.
A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. Am liking the two. They do the right thing regardless of the consequences. Clean up the whole mess let's start even if it takes time. Sam Kimani of JBB is the master of this orchestra. Kipngetich is under instructions
COOP 255,000 ABP 15.85; IMH 5,000 ABP 35.55; KQ 604,200 ABP 6.96; MTN 23,800 ABP 5.20
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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obiero wrote:Boris Boyka wrote:dunkang wrote:Wah. Kipng'etich is the man.
I would like to know Why he left Equity Bank.
A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. Am liking the two. They do the right thing regardless of the consequences. Clean up the whole mess let's start even if it takes time. Sam Kimani of JBB is the master of this orchestra. Kipngetich is under instructions This is the kind of management that make the company and eventually shareholders money The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 7/22/2009 Posts: 7,570
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dunkang wrote:Wah. Kipng'etich is the man.
I would like to know Why did he left Equity Bank.
It was a vertical movement. Not horizontal. James Mwangi has promised to be the CEO of Equity Bank for at least another 10 years - God willing. That would have meant Kipng'etich waiting another 10 years to have a shot at being CEO!!! Simple decision. And the door (of being Equity's CEO) has not been closed. He might actualy eat his cake and have it!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 7/22/2009 Posts: 7,570
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dunkang wrote:A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. This would be a pure dream team!!! In some western countries, certain groups would have already sent emissaries to them trying to convince them to run and even organizing fundraisers for their campaign kitty if and when they agree to run. But ile ubarathuli, upumbavu, ujinga na ukabila iko Kenya haiwezi turuhusu!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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MaichBlack wrote:dunkang wrote:A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. This would be a pure dream team!!! In some western countries, certain groups would have already sent emissaries to them trying to convince them to run and even organizing fundraisers for their campaign kitty if and when they agree to run. But ile ubarathuli, upumbavu, ujinga na ukabila iko Kenya haiwezi turuhusu!!! Governor Njoroge, torture took me forever to know who that is, my useless political mind shindwe was looking at 47 counties  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: New-farer Joined: 12/1/2014 Posts: 45 Location: Nairobi
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MaichBlack wrote:dunkang wrote:A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. This would be a pure dream team!!! In some western countries, certain groups would have already sent emissaries to them trying to convince them to run and even organizing fundraisers for their campaign kitty if and when they agree to run. But ile ubarathuli, upumbavu, ujinga na ukabila iko Kenya haiwezi turuhusu!!! @Maichblack, the rootcause is to a large extent lack of information by some citizens. How about wazuans et al being the change agents and campaigning for such values and spreading the information among/to all such that decisions will be based on data/facts rather than opinions (politicians thrive on opinions and/or propagandas as well as taking advantage of uninformed electrolates. Anyhow, smart decision by Kip for creating a starting point by full disclosure of the state he is keeping.
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Rank: Member Joined: 7/17/2014 Posts: 132 Location: Wherethewindblows
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Rich management interview with Kipng'etich linkYou have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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MaichBlack wrote:dunkang wrote:A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. This would be a pure dream team!!! In some western countries, certain groups would have already sent emissaries to them trying to convince them to run and even organizing fundraisers for their campaign kitty if and when they agree to run. But ile ubarathuli, upumbavu, ujinga na ukabila iko Kenya haiwezi turuhusu!!! True our own worst enemies.... possunt quia posse videntur
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Rank: User Joined: 1/20/2014 Posts: 3,528
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maka wrote:MaichBlack wrote:dunkang wrote:A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. This would be a pure dream team!!! In some western countries, certain groups would have already sent emissaries to them trying to convince them to run and even organizing fundraisers for their campaign kitty if and when they agree to run. But ile ubarathuli, upumbavu, ujinga na ukabila iko Kenya haiwezi turuhusu!!! True our own worst enemies.... My village mates would not even know who the duo are. For them the name(s) kwancha hiyo ya Governor afadhali Baba. In 1992, i voted for Kibaki deep in the shaggs mudus and they managed to mulika that it was me!!!! Crazy!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Chief Joined: 1/3/2007 Posts: 18,224 Location: Nairobi
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Good luck to Kipng'etich. I will stay away until I see green shoots. It may cost me more to wait but after the recent string of disappointments it is better to wait for Kip/Kimani to prove itself. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 7/21/2010 Posts: 6,191 Location: nairobi
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VituVingiSana wrote:Good luck to Kipng'etich. I will stay away until I see green shoots. It may cost me more to wait but after the recent string of disappointments it is better to wait for Kip/Kimani to prove itself. a second fall should have left only trapped shareholders inside . "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Was on Citizen business news jana....made me a believer.Has a clear,simple,well thought out plan on how to turnaround the company....great guy. possunt quia posse videntur
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Rank: Elder Joined: 7/21/2010 Posts: 6,191 Location: nairobi
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maka wrote:Was on Citizen business news jana....made me a believer.Has a clear,simple,well thought out plan on how to turnaround the company....great guy. its only corruption which brought down uchumi and blind expansion like mawingu of kq,imagine managers acting as suppliers and tenderers "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 7/17/2014 Posts: 132 Location: Wherethewindblows
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Rich management interview linkYou have to learn the rules of the game. And then you have to play better than anyone else - Albert Einstein
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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mlennyma wrote:maka wrote:Was on Citizen business news jana....made me a believer.Has a clear,simple,well thought out plan on how to turnaround the company....great guy. its only corruption which brought down uchumi and blind expansion like mawingu of kq,imagine managers acting as suppliers and tenderers And conflict of interest. Imagine a manager at Uchumi also been the landlord to the same uchumi. Money meant to pay suppliers is diverted to other activities where managers have interests and kickbacks. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Veteran Joined: 7/3/2007 Posts: 1,635
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dunkang wrote:Wah. Kipng'etich is the man.
I would like to know Why did he left Equity Bank.
A "Governor Njoroge + Kipng'etich" vs "Uhuru + Ruto" election contest can be very interesting. No tribalism issues, just honesty. The cycles of Uchumi boom and bust have something in common 'the thieving hand of government ownership.' Or at least the moral hazard that makes managers and board take the company to the cleaners every time because, after all it is 'mali ya uma,' something the government reinforces every time it comes in with rescue packages, a la KQ. If Kipngetich is serious about charting a permanent new path, he must find a way to privatize Uchumi fully, even if it means through sale or merger. Get rid of government control. Otherwise the cycle will repeat. "The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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Rank: Elder Joined: 12/4/2009 Posts: 10,778 Location: NAIROBI
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@Wakanyugi Govt is not the largest shareholder in Uchumi;its Jamii Bora Group. Were it not for them protecting their investment Uchumi could have reached ICU like Mumias and KQ but they acted timely before the situation became catastrophic. They invested a big chunk of money in the rights issue last year and didn't want to see their investment go to waste. They are were the spearheaders in recruiting Kipngetich. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Uchumi FY15 Loss of Ksh. 3.42 Bn
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