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Information Memorandum UCHUMI SUPERMARKETS LIMITED Incorporated in Kenya under the Companies Act (Cap. 486, Laws of Kenya) (Registration Number C.6/92) INFORMATION MEMORANDUM The Rights Issue of 99,534,980 New Ordinary Shares Fully Paid At An Offer Price of KShs 9.00 In The Ratio Of 3 New Ordinary Shares For Every 8 Ordinary Shares Held Lead Transaction Advisor Faida Investment Bank Limited Sponsoring Stock Brokers Faida Investment Bank Ltd(Kenya), Faida Securities Rwanda (Rwanda), UAP Financial Services Ltd (Uganda), Rasilimali Ltd (Tanzania) Legal Advisor Hamilton Harrison & Mathews Reporting Accountant Ernst & Young Receiving Bank Equity Bank Limited Share Registrars Funguo Registrars Limited PR and Advertising Consultant Hill & Knowlton Strategies The date of this Information Memorandum is 7 November 2014 1 TRANSACTION ADVISORS LEAD TRANSACTION ADVISOR SPONSORING STOCK BROKERS LEAD LEGAL ADVISOR REPORTING ACCOUNTANT RECEIVING BANK REGISTRARS PR & COMMUNICATION AND ADVERTISING CONSULTANT 2 TABLE OF CONTENTS 1 CONTACT INFORMATION..................................................................................................................................... 4 2 IMPORTANT NOTICE ............................................................................................................................................ 7 3 DEFINITIONS AND INTERPRETATIONS............................................................................................................ 10 4 CHAIRPERSON’S STATEMENT.......................................................................................................................... 11 5 DIRECTORS’ STATEMENT ................................................................................................................................. 13 6 EXECUTIVE SUMMARY ...................................................................................................................................... 14 7 KEY FEATURES OF THE RIGHTS ISSUE .......................................................................................................... 21 8 DETAILS OF THE RIGHTS ISSUE ...................................................................................................................... 24 9 ECONOMIC OVERVIEW OF KENYA, TANZANIA, UGANDA &.......................................................................... 33 RWANDA ...................................................................................................................................................................... 33 10 RETAIL SECTOR OVERVIEW ............................................................................................................................. 39 11 UCHUMI’S BUSINESS OVERVIEW..................................................................................................................... 43 12 UCHUMI’S HISTORY & MILESTONES................................................................................................................ 46 13 CORPORATE GOVERNANCE, THE BOARD OF DIRECTORS AND................................................................. 51 SENIOR MANAGEMENT.............................................................................................................................................. 51 14 RISK FACTORS SPECIFIC TO UCHUMI’S BUSINESS..................................................................................... 57 15 GROUP FIVE YEARS FINANCIAL SUMMARY ................................................................................................... 59 16 CORPORATE STATUTORY AND GENERAL INFORMATION ........................................................................... 64 17 DOCUMENTS AVAILABLE FOR INSPECTION................................................................................................... 80 18 LEGAL OPINION .................................................................................................................................................. 81 19 REPORTING ACCOUNTANTS REPORT ............................................................................................................ 84 20 APPENDICES ..................................................................................................................................................... 132 21 LIST AND DETAILS OF AUTHORIZED AGENTS.............................................................................................. 141 3 1 CONTACT INFORMATION The Company: UCHUMI SUPERMARKETS LIMITED Registered Office: KNTC Complex, Yarrow Road P.O. Box 73167-00200, Nairobi Name and title of Contact Persons: Office Contact: Dr. Jonathan Ciano Telephone: +254 20 650707 Group Chief Executive Officer Email: [email protected] Mr. John Wambugu Telephone: +254 20 650707 Company Secretary Email: [email protected] Professional Advisors: LEAD TRANSACTION ADVISOR: FAIDA INVESTMENT BANK LIMITED Registered Office: Crawford Business Park, Gr. Floor P.O. Box 45236-00100, Nairobi, Kenya. Name and title of Contact Person: Office Contact: Mr. David Mataen Telephone:+254 20 7606026 Director, Corporate Finance Email: [email protected] SPONSORING STOCK BROKER - KENYA: FAIDA INVESTMENT BANK Registered Office: Crawford Business Park, Gr. Floor P.O. Box 45236-00100, Nairobi, Kenya. Name and title of Contact Person: Office Contact: Mrs. Rina Hicks Telephone:+254 20 7606026 Director, Operations Email: [email protected] SPONSORING STOCK BROKER - RWANDA: FAIDA SECURITIES RWANDA Registered Office: Centenary House, 4th Floor P.O. Box 124 Kigali, Rwanda Name and title of Contact Person: Office Contact: Mr. Stephen Njoroge Telephone:+250 78 2859330/+250 78 4333734 Operations Manager Email: [email protected] 4 SPONSORING STOCK BROKER - UGANDA: UAP FINANCIAL SERVICES (U) LIMITED Registered Office: Plot 1, Colville Street, Communications House, 1st Floor P.O. Box 1610, Kampala, Uganda. Name and title of Contact Person: Office Contact: Mr. Patrick Ndonye Telephone:+256 414 332 732 General Manager Email: [email protected] SPONSORING STOCK BROKER - TANZANIA: RASILIMALI LIMITED Registered Office: CHC Building, Samora Avenue P.O. Box 9373 Dar es-Salaam Name and title of Contact Person: Office Contact: Mr. Arphaxad Masambu Telephone:+255 22-2111711 General Manager Email: [email protected] REPORTING ACCOUNTANT: ERNST & YOUNG Registered Office: Kenya-Re Towers, Upper Hill P.O. Box 44286 – 00100 , Nairobi Name and title of Contact Person: Office Contact: Mr. Joseph Cheboror Telephone:+254 20-2715300 Partner, Assurance Email: [email protected] LEAD LEGAL ADVISOR: HAMILTON HARRISON & MATHEWS Registered Office: ICEA Building, Kenyatta Avenue P.O. Box 30333 – 00100, Nairobi Name and title of Contact Person: Office Contact: Mr. Richard Omwela Telephone: +254 20 3258000 Partner Email: [email protected] 5 RECEIVING BANK: EQUITY BANK LIMITED Registered Office: Equity Center, Ground Floor Hospital Road, Upper Hill P.O Box 75104 – 00200, Nairobi Name and title of Contact Person: Office Contact: George Mwangi Telephone:+ 254 20 2262477/0711026477 Senior Operations Manager Email: [email protected] PR & ADVERTISING CONSULTANT: HILL & KNOWLTON STRATEGIES Registered Office: Riverside Green Offices Baobab Suite – 1st Floor, Riverside Drive P.O. Box 34537 -00100 Nairobi Name and title of Contact Person: Office Contact: Mr. Samuel Karanja Telephone: +254 20 444 0829 Managing Director Email: [email protected] REGISTRAR: FUNGUO REGISTRARS Registered Office: Uchumi House, 17th Floor P.O. Box 45519-00100 Nairobi Name and title of Contact Person: Office Contact: Mr. Richard C.K Ochoi Telephone:+254 20 2771227 Senior Principal Email: [email protected] 6 2 IMPORTANT NOTICE The Directors, having made all reasonable inquiries, confirm that this Information Memorandum contains all information with respect to the Company and the Shares and which is material in the context of the Shares. The Directors further confirm that the information contained in this Information Memorandum is true and accurate in all material respects and is not misleading and that the opinions and intentions expressed in this Information Memorandum are honestly held by them and that there are no other facts, the omission of which, would make any of such information or the expression of any such opinions or intentions misleading. The Directors accept responsibility accordingly. The professional advisors and other agents engaged by the Company to deal with the Rights Issue have relied on information provided by the Company. Neither this Information Memorandum nor any other information supplied in connection with the Rights Issue is intended to provide the complete basis of any credit or other evaluation. This Information Memorandum should not be considered as a recommendation by the professional advisors to the Rights Issue that any recipient of this Information Memorandum or any other information supplied in connection with this Rights Issue should exercise or purchase the Rights. Each investor contemplating to exercise or purchase the Rights once they become available to the public should make his or her own independent investigation of the financial condition and affairs, and his or her own appraisal of the creditworthiness, of the Company. The delivery of this Information Memorandum does not at any time imply that the information contained herein concerning the Company is correct at any time subsequent to the date hereof or that any other information supplied in connection with the Rights Issue is correct at any time subsequent to the
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