Kenyan retailer set for expansion

27/05/2011 - Kenya property & investment news Posted by Bob Brunskill
Kenyan retailer set for expansion

A Kenyan retailer is looking towards regional expansion in order to boost its market value.Following a five-year suspension, Uchumi Supermarkets is planning to double its market value within two to five years.Jonathan Ciano, chief executive of the group, said that shares might be issued in two of Kenya's neighbouring countries in the longer term.Speaking to Reuters, Mr Ciano said: "The value of the company is expected to grow by 50-100 percent within the next two years."That is the value of this organisation, and within five years it is definitely going to more than double."He added that the growth is dubbed "very cautious" but that the company is talking about going into "green areas without cannibalising our existing network so that is how we have mitigated the risks".In the nine months to March 2011, sales for Uchumi grew to 9.7 billion shillings, topping the eight billion posted in the previous nine-month period.