Kenya's Uchumi raises 896M shillings ($10M) in oversubscribed rights issue for regional expansion

Uchumi, Garden City Mall, Kampala, Uganda

Kenya‘s Uchumi Supermarkets has raised 895.8 million shillings ($9.89 million) in an oversubscribed rights issue to expand its operations in the east African region.

The retail chain, which also operates in Tanzania, Uganda and Rwanda, received bids worth 1.64 billion shillings for the 99.5 million shares on sale at 9 shillings a piece, it said in a statement. The sale being 84 percent oversubscribed.

Read more: Kenya's Uchumi raises 896 mln shillings for expansion | News by Country | Reuters.