In a move to make Uchumi Supermarkets have a regional look and increase the number of its shareholders in the region, the retailer has applied to the Capital Markets and Securities Authority (CMSA) of Tanzania for approval of its cross-listing plans at the Dar es Salaam Stock Exchange.
“We applied for the approval barely two weeks ago with the aim to expand and increase the shareholders’ base across the East African Community countries. We want to market Uchumi more as an East African company rather than a Kenyan firm, to expand and increase our footprint in different markets outside Kenya,’’ Chief Executive Officer, Jonathan Ciano said.
The retailer is already cross-listed on the Uganda Securities Exchange (USE), where it has subsidiaries, and on the Rwanda bourse.
Uchumi already has three outlets in Tanzania and is weighing options to open more outlets by next year.
‘‘We will be expanding in the region given the conducive business environment in the regional markets. We are planning to issue new shares in a rights issue to finance our expansion plans,’’ said Mr. Ciano.
Uchumi Supermarkets last year became the third company to cross-list its shares on Kigali bourse after Nation Media Group (NMG) and KCB Group.
NMG, KCB Group, East African Breweries (EABL), Kenya Airways and Jubilee Holdings which are primarily listed on the NSE are also cross-listed on the Uganda Securities Exchange and the Dar es Salaam Stock Exchange.
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