News

Cash-strapped companies partly owned by the Government have put up some of their assets for sale in a bid to stay afloat and also to help them focus on their core mandate.
These cash-strapped companies include Kenya Airways (KQ), National Bank of Kenya (NBK), Uchumi Supermarkets and Telkom Kenya.
Kenya Airways is expected to raise about Sh10 billion from the sale of seven of its 52 aircraft and part of its prime land in Embakasi to cut debts it owes suppliers.


National Bank of Kenya (NBK) intends to sell 12 branches as part of on-going restructuring. NBK Chief Executive Officer (CEO) Mr. Munir Ahmed said the sale of 12 branches was to raise additional capital.
Uchumi Supermarkets is also selling Sh2 billion plot in Kasarani in its newest plan to steer clear of financial troubles. The retailer has over Sh1 billion in outstanding debts to suppliers. The retail chain announced that a 20-acre parcel of land along Thika Road had been placed on the market and that its disposal would place the giant retailer in an extremely good position.
Last year, Telkom Kenya issued a tender for the sale of 11 houses valued at Sh80 million in Gilgil, Nakuru County. The company also sought to sell 79 acres of land in Nairobi’s Karen area but the sale was stopped by the courts over a commercial dispute. The company which was acquired by France Telecom is yet to break even. There are speculations that the Frenchmen are eyeing to exit the Kenyan Unit.
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