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TMCNet:  Nakumatt takes over first Shoprite store [Business Daily (Kenya)]

[July 27, 2014]

Nakumatt takes over first Shoprite store [Business Daily (Kenya)]

(Business Daily (Kenya) Via Acquire Media NewsEdge) Regional Retailer Nakumatt Holdings has opened one of its three new branches it recently acquired in Tanzania from South African retail giant Shoprite. This is after the Kenyan supermarket chain completed acquisition of three stores in a Sh3 billion buyout financed by local lender KCB.


READ: Nakumatt secures Sh3bn KCB loan for Shoprite buyout "The opening of Nakumatt Mlimani is a long held dream come true as we have been considering various avenues to establish our presence in Dar es Salaam and other parts of Tanzania since 2010," said Nakumatt managing director Atul Shah in a statement yesterday.

The retailer said the opening of Nakumatt Pungu Road in Dar es Salaam, which will also house its Tanzania Headquarters, and Nakumatt Arusha will be done "in coming days." "This opening also sets the stage for our 50th branch opening by mid-August which will be a key milestone as we'll have achieved our Nakumatt 2.0 Strategy goal a clear six months ahead of the February 2015 target," explained Mr Shah.

The three stores are located in Dar es Salaam and Arusha. The Fair Competition Commission (FCC) of Tanzania cleared the Nakumatt-Shoprite deal in May after Shoprite employees withdrew their case from the High Court.

READ: Nakumatt cleared to take over Dar Shoprite stores The workers had filled an injunction blocking transfer of the business on the grounds that it may render them jobless and result in loss of terminal benefits.

(c) 2014 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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