Uchumi Supermarkets relists on NSE

31/05/2011 - Kenya property & investment news
Uchumi Supermarkets relists on NSE

Uchumi Supermarkets' shares will relist at the Nairobi Stock Exchange (NSE) today (Tuesday, May 31st), capitalfm.co.ke has reported.And the retail firm's management are optimistic that the shares could trade higher than Sh17.20.Speaking yesterday, Jonathan Ciano, Uchumi Supermarkets chief executive officer, observed that Uchumi's share price had been appreciating from 2008. The retail firm's share was valued at Sh17.20 in 2008, he said, adding that it could have advanced by as much as Sh6.50 to date."Since then we have earned Sh863 million in profits and in 2008 shareholders and the government have injected Sh857 million," Mr Ciano remarked."What we estimate is that every share price value has increased by not less than Sh6.50."He argued that shareholders should be patient with the company and not dump their shares soon after relisting.Indeed, Mr Ciano insisted that the company was destined for better returns, adding: "What urgency is there? You waited for five years as a shareholder. Are you telling me you do not want to go for more shares?"