QUALITY Group Limited has expressed interest to buy a majority stake in Nakumatt Tanzania after the Kenyan retailer announced to sell its 51 per cent of stake in the country.
QGL expressed its interests through a
statement, which was published in different newspapers early this week.
According to the statement, the company has bid for the stake in the
retail outlet.
The statement said the firm had
expressed interest to buy a majority stake in Nakumatt Tanzania, with a
view of growing its retail business. “If the planned sale of the shares
goes, it is expected to strengthen QGL, which has in the recent past
ventured into retail business,” reads in part the advertorial notice.
It added that it is in talks with
Carrefour, the French retailer, to operate on franchises across
different East African markets, excluding Kenya. Carrefour has two
retail outlets in Kenya – at the Hub in Karen and the yet to be opened
Two Rivers Mall.
The firm says that after conclusion of
the two deals, with Nakumatt and Carrefour, it will be operating the
largest retail network in East African region.
At the moment, Nakumatt is the largest
retail chain in the region with more than 60 outlets across different
countries in East Africa.
In addition to the planned sale of
Nakumatt Tanzania, the retailer in October said it is in discussions
with foreign and domestic investors for the sale of a 25 per cent stake
in parent company
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