Kenyan supermarket chain Nakumatt agrees stake sale to fund for $75M

Privately-owned Nakumatt, Kenya‘s biggest supermarket chain by sales, has agreed to sell a 25 percent stake to a foreign fund for $75 million, part of an effort to bolster its balance sheet and pay off debts, its managing director said last Wednesday.

Nakumatt, which started with a single store in Nairobi in 1992, operates 68 outlets in Kenya and neighboring countries Rwanda, Uganda and Tanzania.

The growing economies of East Africa have drawn in foreign retailers including Botswana’s Choppies, South Africa‘s Game and French retailer Carrefour, through its Dubai-based franchisee Majid al-Futtaim.

Source: Business & Financial News, Breaking US & International News | Reuters