TANZANIA – 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.
November 18, 2016; http://www.dailynews.co.tz/index.php/business/46600-qgl-intends-to-buy-stake-in-nakumatt-in-the-country
