Chief, Two Rivers is a cut above most of these 'malls' you have mentioned. Except for Village Market, most of those on your list are just 'malls' not integrated multi-use facilities. Anyway, it matters little to me.

Another company in the doldrums.They had put alot of faith in the economic boom that reigned during NARC and Grand Coalition days and now hurting because of poor performance in the Jubilee reign.
High debt and sluggish growth coupled with depreciating kenyan currency.
Seems AFC have refused to convert the debt they issued to ARM to equity.

http://www.businessdaily...2/-/1usnfc/-/index.html

ARM is seeking to raise $125 million (Sh12.7 billion) from a strategic investor who is expected to take a controlling stake in the company once it converts the preference shares it is allotted in the Nairobi Securities Exchange-listed firm.

The move indicates that the cement manufacturer has abandoned its recent plan to raise up to $105 million (Sh10.7 billion) through a five-year private bond.

“ARM Cement is currently in discussion with an international institutional investor who intends to make an investment of up to $125 million equity investment, through convertible preference shares,” the company said yesterday in a statement.

The firm said it will later release further details on the proposed transaction which is expected to be completed by March.

ARM’s chief executive Pradeep Paunrana said the move is meant to strengthen the company’s balance sheet by reducing debt, but declined to comment further.

Preference shares, also known as preferred stock, usually have a higher priority claim on the company’s assets and earnings than ordinary shares.

Their contract generally requires that they are paid a fixed rate of dividend –amounting to a form of interest— first before any dividends are paid on ordinary shares. Prior to their conversion, preferred stocks typically don’t have voting rights.

The Sh12.7 billion could potentially give the strategic investor a 40 per cent stake in ARM –making it the single-largest investor— based on the company’s current market capitalisation of Sh19.5 billion.

ARM’s fundraising has been spurred by its expensive short-term debts that have partly contributed to its losses. The company had in August announced plans to issue a Sh7 billion bond before raising the amount to Sh10.7 billion last month.

The latest change in the funds sought and the instrument to be used is seen reflecting new developments since then.

ARM’s short term debts jumped 35 per cent to Sh14.4 billion in the nine months ended September, raising its finance costs 3.3 times to Sh1.1 billion.

This contributed to its net loss of Sh469 million in the same period, reversing the net profit of Sh1.1 billion the year before.

ARM also saw its unrealised foreign exchange losses increase 15.5 times to Sh2 billion, with sales rising at slower rate of seven per cent to Sh11.7 billion. Its share price has dropped 54 per cent since January to the current range of Sh39.5 apiece.

Kenyans love real estate, real estate, real estate. That's why it pisses me off when politicians and Kenyan complain about those who set up factories.

Those who set up factories aren't saints but they create REAL (& hopefully sustainable) jobs whereas those who just build malls, houses, exhibition halls create temporary construction jobs. Those who occupy these malls rely on consumers who may not have sustainable jobs.

It saddens me to see Kenyans importing COCONUT products. On a flower farm they told me they import coir since there is no large local producer yet I see coconut husks thrown away at the coast.

As @murchr says, loans have risks. Loans in FX have double the risk.

There is way too much drama in Uchumi. I hope JK can save the firm. Despite JK's efforts, I will stay away until 2017 to see if an effective turnaround is happening.

Uchumi grapples with Uganda bankruptcy suit http://www.businessdaily...8/-/e9mrrh/-/index.html

"Retail chain Uchumi has filed for bankruptcy in Uganda, two months after shutting down its cross-border operations in a move that is likely to complicate its future re-entry to the neighbouring country."

"...multiple creditors secured orders seeking to attach its properties."

---> “By law it is illegal to run an insolvent company. These operations were in negative position and there is no indication they have any future,” he said. ---> Isn't it illegal to run KQ which has 32bn NEGATIVE Equity?

Absolutely inspired by David Ohana story of turnaround strategy. I hope everybody especially CEOs of struggling firms in Kenya have read this reality. Even at personal level you need to cut costs and maximise on the advantages to leapfrog out of poverty.

Is their a price uchumi pays for relinquishing anchor tenancy from the said malls?

Hehheheeeee.....Uchumi "Hyper" Ngong road is not a mall, actually it looks like cattle shed from inside. It can well be used by Mogotio Goat Auctioneers. It has very few customers. This is one reason I would say that one Hires a Muhindi contractor at his own risk. The Construction was wanting and fake for a Mall. Compare it to Junction Mall along the same Ngong road by Nakumatt.
Actually one who will buy this "Hyper" is just buying the land not the store as will require total rebuilding.
If I had money like Co-op Bank, I would buy it and construct a New "Nairobi Mall" of the century!!!

GOK has informed that they will intervene in the $3.5mn dispute Uchumi Uganda faces from creditors and suppliers

Meanwhile in Uchumi, things are thick