Nakumatt Rwanda convenes creditors’ meeting

Nakumatt Rwanda Ltd is inviting all creditors to meeting today in Kigali. File.

Does Nakumatt Rwanda owe you? If so Nakumatt Rwanda Ltd is inviting all creditors to meeting today to ascertain the extent of debt and approaches to  payback.

The local retail store with four outlets in Kigali was put under provisional administration in April this year after it emerged that it has been going through financial problems for the past two years making it difficult for the retail chain to pay pending debts to its creditors.

The provisional administrator, Gaspard Sebakara Kayiranga who was appointed in April by Nyarugenge Commercial Court is convening

The firm has been going through cash flow difficulties and struggles which has crippled operations in Uganda, Tanzania and Kenya.

Following meeting with the creditors, the administrator will the develop proposals of the provisional administrator, expected outcomes, status of the staff at the outlet as well as fate of creditors and the partners.

The New Times understands that the meeting will among other things serve to engage the creditors on terms of repayment as well as how to continue supply of goods and services to the retailer.

It will be held at Saint Paul Kigali from 9AM.

The firm was put under administration after Atulkumar Maganlal Shah, a director at Nakumatt, filed the request on behalf of the Board of Directors saying that the business was no longer able to pay its debts.

The management of the retailer has previously said that they do not have any reservations in working with the court-appointed administrator.

Nakumatt Rwanda started its operations in 2008, and it currently operates four stores in Kigali.

 

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