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Uchumi raises red flag over shopping mall site grabbing

In February, the government agreed to convert Sh350 million of a Sh757 million debt into shares, earning it an 11 per cent stake in Uchumi Supermarkets. Photo/FREDRICK ONYANGO

Uchumi Supermarkets has raised the red flag over the possible sale of its two prime properties in Nairobi earmarked for a shopping mall once the construction of the Thika Highway is completed.

Chief executive Jonathan Ciano says in a buyer beware notice that the firm will develop the mall on the properties measuring 21 acres and carrying a market value of Sh500 million in line with its five-year strategic plan.

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