Uchumi Supermarkets PLC has announced its 38th Annual General Meeting set for 29 April 2026, marking its first shareholder gathering in eight years as the struggling retailer fights to stave off liquidation under a prolonged court-led debt restructuring process that remains unsettled.
The virtual AGM will see shareholders review and approve financial statements spanning eight consecutive years, from June 2018 through June 2025, all in one sitting.
Three individuals, John Mwara, Anne Makori, and Rebecca Juma, have been nominated to join the board, while John Karani, George Karanja, and Baiju Shah will step down without seeking another term.
For the financial year ending June 2025, the company posted an operating profit of KSh 8.8 million on revenues of KSh 86.29 million, reflecting a 67% increase from KSh 51.71 million recorded the previous year.
The modest improvement was largely driven by rental income following the conversion of its Langata Hyper outlet into a mall. China Square accounts for roughly 84% of monthly rental income after beginning lease payments in December 2024. Despite this, the retailer’s overall financial position remains deeply strained.
Total liabilities stand at KSh 9.8 billion against annual revenues of just KSh 86 million. Outstanding obligations to banks, the Government of Kenya, Kenya Development Corporation, employees, pension schemes, and the Kenya Revenue Authority exceed KSh 3.7 billion in confirmed claims.
The AGM follows a creditors’ and members’ meeting held on 20 February 2026, where stakeholders reviewed the Q4 2025 Credit Valuation Adjustment (CVA) Monitor Report and deliberated on a proposed revision to the existing CVA framework. The current structure, approved by creditors in March 2020 and later upheld by the High Court in July 2020 under Insolvency Petition No. IP 25 of 2018, hinged on the sale of a 20-acre parcel in Kasarani held through subsidiary Kasarani Mall Limited.
That strategy has since unravelled. The land, particularly 17 acres valued at KSh 2.38 billion, is under dispute and currently occupied by the Kenya Defence Forces, with the High Court ruling in favour of the military. Uchumi has since lodged an appeal under Court of Appeal reference E455 of 2025, with proceedings that could ultimately reach the Supreme Court on constitutional grounds.
Also Read: Tuju Denies False Information Charges At Kibera Court
CVA Monitor Owen Koimburi has indicated in court filings that failure of the appeal would likely leave liquidation as the only viable outcome. Meanwhile, the Capital Markets Authority has rejected the company’s request to suspend trading on the NSE, signalling a reluctance to allow the firm to collapse outright.
On the market, Uchumi’s stock, trading under the UCHM ticker, has emerged as one of the NSE’s standout performers in 2026, climbing 95.15% year-to-date as of 7 April, on top of a staggering 500% rally recorded in 2025.
However, the surge appears disconnected from the company’s underlying performance. The rally reflects classic penny stock behaviour on the NSE, where a low share price draws in speculative retail investors. For much of the period between 2019 and 2025, Uchumi traded below KSh 0.20, making it an attractive entry point for momentum-driven trading despite its fragile fundamentals.
