A customer buys wines from a supermarket in Nairobi. Kenya Wine Agencies (Kwal) has earned nearly a quarter billion shillings from the sale of its stake in Uchumi Supermarket as local investors continue to cut their ownership in the retail chain. Photo/FILE
What you need to know:
Kenya Wine Agencies (Kwal) has earned nearly a quarter billion shillings from the sale of its stake in Uchumi Supermarket as local investors continue to cut their ownership in the retail chain.
The State-owned wine firm had a 4.23 per cent stake in the retail chain or 11. 25 million shares valued at Sh241.8 million based on Friday’s closing price of Sh21.50 at the Nairobi bourse.
Kenya Wine Agencies (Kwal) has earned nearly a quarter billion shillings from the sale of its stake in Uchumi Supermarket as local investors continue to cut their ownership in the retail chain.
The State-owned wine firm had a 4.23 per cent stake in the retail chain or 11. 25 million shares valued at Sh241.8 million based on Friday’s closing price of Sh21.50 at the Nairobi bourse.
The share has remained statistic over the past six months, but was the top performer at the Nairobi bourse in the 12 months to March when it attracted local investors. “We wish to inform you that Kwal has resigned as director of the company following the disposal of its shareholding,” said Uchumi in a Friday notice.
Regulatory fillings show that the stake held by local shareholders in the chain dropped to 73.7 per cent in July from 92.43 per cent in the same month last year. The exit of Kwal has deepened the changes in Uchumi’s top shareholder list that began just before its collapse in June 2006.
Uchumi’s top investors include the government (13.4 per cent), businessman Karim Jamal (7.5 per cent) and a nominee account (4.15 per cent). In 2004, Centum (24.9 per cent), Kwal (18.8 per cent) and businessman Chris Kirubi (3.5 per cent) were the top owners.
The sale comes as the State prepares to sell a 26 per cent stake in Kwal firm to South Africa’s Distell Group. The government has 72.65 per cent shareholding in KWAL and Centum 26.43 per cent.
