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Uchumi - A value play?
Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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http://kenya.uchumicorpo...s/stories/restock22.pdf
Restocking being done after Julius Kipngetich left. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 1/30/2011 Posts: 207
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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capital centre to be closed end monthQuote:Uchumi Supermarkets UCHM • 3.55 ▼ 6.58% is set to close its Jipange (Ruaraka) and Capital Centre branches at the end of this month and seek out space at more profitable locations.
The retailer, which is in the market for an equity investor to bail them out, says it will not renew the leases for the two low-performing outlets when they come to an end next Wednesday.
Uchumi has been an anchor tenant at Mombasa Road’s Capital Center Mall for over two decades while the Jipange shop (located along Thika Road) has been operational for over five years. If Obiero did it, Who Am I?
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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No investor so far Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Sarit center branch to be closed in April Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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 Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Seems the capital center management forced Uchumi out by the renovations they were doing Nairobi Hospital is set to take up the space Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Ericsson wrote:Sarit center branch to be closed in April That was Uchumi's flagship branch. When it opened there was so much excitement as it was the first of its kind [large, airy, in a shopping mall, well-stocked, etc] in EAC. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Ericsson wrote:Seems the capital center management forced Uchumi out by the renovations they were doing Nairobi Hospital is set to take up the space Not surprising. A good move by CC. Replacing Uchumi with Naivas, Tuskys or Carrefour would boost traffic/footfall to the mall. I read that Sarit wants a larger supermarket i.e. one that can take up more space and if Uchumi can't hack it then Carrefour (or Tuskys/Naivas) may take over the expanded space. I passed by SC and it seems they are increasing the mall's lettable space 3x. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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VituVingiSana wrote:Ericsson wrote:Seems the capital center management forced Uchumi out by the renovations they were doing Nairobi Hospital is set to take up the space Not surprising. A good move by CC. Replacing Uchumi with Naivas, Tuskys or Carrefour would boost traffic/footfall to the mall. I read that Sarit wants a larger supermarket i.e. one that can take up more space and if Uchumi can't hack it then Carrefour (or Tuskys/Naivas) may take over the expanded space. I passed by SC and it seems they are increasing the mall's lettable space 3x. Carrefour is taking over. Tuskys and Naivas go cheap malls. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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Ericsson wrote:VituVingiSana wrote:Ericsson wrote:Seems the capital center management forced Uchumi out by the renovations they were doing Nairobi Hospital is set to take up the space Not surprising. A good move by CC. Replacing Uchumi with Naivas, Tuskys or Carrefour would boost traffic/footfall to the mall. I read that Sarit wants a larger supermarket i.e. one that can take up more space and if Uchumi can't hack it then Carrefour (or Tuskys/Naivas) may take over the expanded space. I passed by SC and it seems they are increasing the mall's lettable space 3x. Carrefour is taking over. Tuskys and Naivas go cheap malls. Carrefour seems to have made a very timely decision to move in the Kenyan market at a time when other retailers were in a decline. "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Elder Joined: 6/23/2009 Posts: 13,516 Location: nairobi
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VituVingiSana wrote:Ericsson wrote:Sarit center branch to be closed in April That was Uchumi's flagship branch. When it opened there was so much excitement as it was the first of its kind [large, airy, in a shopping mall, well-stocked, etc] in EAC. I remember that moment and the pride that came with it.. Now we are forced to buy frozen samosa pastry from Nice and tinned beans from Qubec. Sigh..
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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obiero wrote:VituVingiSana wrote:Ericsson wrote:Sarit center branch to be closed in April That was Uchumi's flagship branch. When it opened there was so much excitement as it was the first of its kind [large, airy, in a shopping mall, well-stocked, etc] in EAC. I remember that moment and the pride that came with it.. Now we are forced to buy frozen samosa pastry from Nice and tinned beans from Qubec. Sigh.. That doesn't make me much older than you! I think SC opened up in 1981 (or so)... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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VituVingiSana wrote:obiero wrote:VituVingiSana wrote:Ericsson wrote:Sarit center branch to be closed in April That was Uchumi's flagship branch. When it opened there was so much excitement as it was the first of its kind [large, airy, in a shopping mall, well-stocked, etc] in EAC. I remember that moment and the pride that came with it.. Now we are forced to buy frozen samosa pastry from Nice and tinned beans from Qubec. Sigh.. That doesn't make me much older than you! I think SC opened up in 1981 (or so)... @vvs it's not when Sarit center opened but when uchumi opened a branch there which was in the late 90s early 2000. The space which uchumi occupies is Sarit center phase 2 Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 11/13/2015 Posts: 1,590
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Ericsson wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:Ericsson wrote:Sarit center branch to be closed in April That was Uchumi's flagship branch. When it opened there was so much excitement as it was the first of its kind [large, airy, in a shopping mall, well-stocked, etc] in EAC. I remember that moment and the pride that came with it.. Now we are forced to buy frozen samosa pastry from Nice and tinned beans from Qubec. Sigh.. That doesn't make me much older than you! I think SC opened up in 1981 (or so)... @vvs it's not when Sarit center opened but when uchumi opened a branch there which was in the late 90s early 2000. The space which uchumi occupies is Sarit center phase 2 Can't be late 90's I was doing minimum wage jobs over the xmas period and Uchumi was already there
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Ericsson wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:Ericsson wrote:Sarit center branch to be closed in April That was Uchumi's flagship branch. When it opened there was so much excitement as it was the first of its kind [large, airy, in a shopping mall, well-stocked, etc] in EAC. I remember that moment and the pride that came with it.. Now we are forced to buy frozen samosa pastry from Nice and tinned beans from Qubec. Sigh.. That doesn't make me much older than you! I think SC opened up in 1981 (or so)... @vvs it's not when Sarit center opened but when uchumi opened a branch there which was in the late 90s early 2000. The space which uchumi occupies is Sarit center phase 2 Uchumi was the anchor tenant in SC when (or soon after) SC opened up. Then Uchumi "relocated" to the larger space after SC was expanded [Phase 2?] It was an extremely busy store modeled on Sainsbury. The SC store was up and running when Uchumi went public in the early 90s. It might have been their flagship store. I recall the huge dividends when T-Bills were yielding 50-80% (mid-90s) and Shah made sure Uchumi was cash-rich. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/23/2009 Posts: 13,516 Location: nairobi
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Kipngetich was a hired crook out to finish Uchumi.. The exchange bar called him out but blindness afflicts the African mind https://www.businessdail...97352-v1g8daz/index.html
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 6/23/2009 Posts: 13,516 Location: nairobi
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Farewell Uchumi.. Kenyans tried all we could to support you, but time is up
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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mkonomtupu wrote:sparkly wrote:mkonomtupu wrote:Gatheuzi wrote:sparkly wrote:www.businessdailyafrica.com/Corporate-News/Uchumi-acquires-Dar-supermarket-in-growth-drive/-/539550/2509572/-/24g47z/-/index.html
Uchumi on an acquisition spree.
While Shoprite is exiting TZ.
They have not paid suppliers in Kenya.
They have taken loan of KES 600m from KCB.
Acquisition was financed by debt.
Rights issue to expand into small and insignificant markets of Rwanda Burundi.
Shareholders should be very afraid... Insolvency 2.0 coming soon. A loan at 18% interest from KCB. And another 405M from Coop bank. That means close to 200M per annum will go in payment of interest leave alone the principal. I wish they were applying the rights to reduce these expensive loans. We have bonds, so why not consider such or place a commercial paper What insolvency  ? if your annual turnover is 14 billion, your annual profits 400 million, and you are borrowing 1 billion secured by 2.2 billion assets. Stop fearing leverage. If your suppliers have claims to your 2.2B assets and you only get 2.85% return from your 14B turnover, then you have a problem. Aiii wee mboss... in retail you look at credit lines in most suppliers tell you lets put this on the shelf once sold pay us. Anyway looking at the IM Uchumi paid 675m to GoK and 956m to KCB and PTA banks without default or insolvency. Management says "with benefit of hindsight, the management now observes strict controls on debt management" You can see this from the fact that the ICDC loan of 300m about 109m has been paid and balance outstanding at 191m KCB overdraft of 200m and short term of 600m- 150m repaid balance of 650m Now turning to Tanzania, sales grew 10%. The TZ economy grew at 7% in the last 2 years and the formal retail penetration is less than 10%. Now that's huge potential even if it was to get to Kenya's 30% penetration. Uchumi shareholders you will make me rich again @Mkonomtupu Uchumi trades at 1.80. Do you still see value? Life is short. Live passionately.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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watesh wrote:The day i will go to Uchumi and find everything i want is the day i will invest, otherwise still waiting patiently for that Nakumatt listing on the stock market Irony is that Nakumatt tapped out before Uchumi. Life is short. Live passionately.
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