Naivas to sell 70 percent stake to SA retailer
13 August 2013, 14:02
Nairobi - Kenyan retailer Naivas said on Tuesday that South Africa's Massmart is seeking to buy a majority stake in the family-owned owned supermarket chain.
Massmart, owned by the world's biggest retailer Wal-Mart, has said it plans to expand into east Africa's biggest economy.
"We expect to sell a majority stake, 50 percent plus one share," Naivas Chairman Simon Mukuha told Reuters, referring to the proposed deal with Massmart.