Pastors bid to buy Uchumi’s Sh2.8 billion land in Kasarani

Five pastors at the Roysambu-based Jesus Winners Ministry, are set to be the new owners of Uchumi’s Ksh 2.8 billion Kasarani land.

 Jewel Complex Limited, which wants to buy the land from the troubled retailer, is majority owned by Edward Mwai Kiongo, also a leader at the church. It was registered on May 23 last year.

According to the Daily Nation, shareholders of the firm include Edward Mwai Kiongo who holds 36.36% stake, Paul Gichohi Mutune with 9.09% ownership while Agnes Wanjiku Kiongo, Raphael Mwiti Thiaru and James Kiongo Mwai all hold 18.18% shares each.

Jesus Winners Ministry is a popular church among the political elite. It hosted President Uhuru Kenyatta and his deputy William Ruto for prayers during their last church service, two days before the August 8 election and also hosted President Kenyatta on June 30 2013, about two months after he assumed power.

Court filings seen by the Daily Nation show that the struggling retailer has entered into an agreement with Jewel Complex Limited to sell the land at Ksh 2.8 billion. A Ksh 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 Sh2,800,000,000 with Jewel Complex Limited,” Maureen Gacheru, UBA Bank’s legal officer, says in court documents.

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Kasarani Mall Limited is a subsidiary of Uchumi Supermarkets through which the retail chain owns the land.