Naivas is reported to have received KSh 6 Billion from the sale of 30% ownership of its company to international investors including French Private Equity Fund Amethis, International Finance Corporation, MCB Equity Fund and Germany’s sovereign wealth fund. According to an article on the Business Daily, the transaction valued Naivas Supermarket Chain at KSh20 Billion.
The retailer, which owns more than 58 retail stores spread across Kenya, received approval for the transaction from the Competition Authority of Kenya in February 2020.
Naivas close rival Tuskys is seeking a strategic investor to assist the company as it faces financial challenges. During a recent meeting, Tuskys shareholders approved the decision to find an investor who will provide a lifeline to the distressed retail store.