KENYA – Nakumatt two weeks ago opened the second of the three branches in Dar es Salaam, bringing to 50 the total number of Nakumatt stores across Kenya, Uganda, Tanzania and Rwanda.
Nakumatt Supermarkets managing director Atul Shah said in an interview that the new outlet will be 15,000 square foot big, employing 75 staff when completed.
“We have now turned our focus in developing new outlets in the country after the recent acquisition of three Shoprite stores in Tanzania. The strategy is now to create more networks in the local market as we strive to increase our workforce,’’ said Mr Shah.
Nakumatt recently borrowed Sh3 billion from KCB bank to advance its expansion in Tanzania.
Nakumatt has also announced plans to list on the Nairobi Securities Exchange and neighbouring stock markets in the next three years.
Last week, Nakumatt’s rival Uchumi Supermarkets cross-listed its shares on the Dar es Salaam Stock Exchange.
The listing is expected to increase Uchumi’s market visibility and boost its rights issue plans expected end this year.
Uchumi’s cross-listing will see it join Kenya’s corporate heavyweights that include Nation Media Group, KCB Group, East African Breweries, Kenya Airways and Jubilee Holdings.