Afternoon business highlights – October 31 2017

Afternoon business highlights – October 31 2017

ERC to start publishing cooking gas prices

The Energy Regulatory Commission (ERC) will begin publishing cooking gas prices in a bid to lower the cost of the commodity.  Kenya’s Energy Ministry states that gas prices have remained high despite the removal of value added tax (VAT) last year and relatively lower prices of crude oil, from which LPG gas is derived. The move is partially aimed at stopping brokers from misleading consumers.

Uchumi delays release of results as retailer grapples with financial woes

Uchumi Supermarkets will delay the release of its financial results for the fiscal year ending June. The listed supermarket chain blamed the postponement on delays in receipt of some confirmations required to facilitate completion of the audit process. Uchumi CEO Julius Kipng’etich said the Board targets that the results will be approved and published on or before November 15, 2017.

Troubled retailer Nakumatt closes down Kisumu branch

Regional retailer, Nakumatt Holdings has shut down its Kisumu branch on Mega Plaza. Workers at the store were issued with letters asking them to report to the Nairobi head office to be told the way forward. Nakumatt has been making efforts to recover from a multi-billion shilling debt it owes to creditors. The retail chain is currently in the process of recruiting an administrator to oversee its operations.

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