Top officials of a church in Roysambu, Jesus Winners Ministry, are set to be the new owners of Uchumi’s multibillion-shilling Kasarani land.
The private limited company at the centre of the Sh 2.8 billion transaction, Jewel Complex Limited, is majority owned by Edward Mwai Kiongo, also a leader at the church.
Jewel Complex Limited was registered on May 23 last year.
Court filings show that the struggling retailer has entered into an agreement with Jewel Complex Limited to sell the land at Sh 2.8 billion.
A Sh 330 million deposit has already been paid on the underway transaction.
Details of the retail chain’s land deal are revealed in documents that UBA Bank, one of the creditors, has filed in court seeking a share of the sale proceeds to clear an outstanding loan.
Kasarani Mall Limited has entered into an agreement for the sale and purchase of the said land reference number 25544, Nairobi dated September 17, 2018 for the sum of Sh 2,800,000,000 with Jewel Complex Limited.
Kasarani Mall Limited is a subsidiary of Uchumi Supermarkets through which the retail chain owns the land.
Uchumi, which owes suppliers over Sh 3.6 billion, has been banking on the sale of the land to turn around its fortunes but the money has been slow in coming because of challenging approval processes.
[Article source: Business Daily, by Annie Njanja]
