Massmart/Wal-Mart expands into East Africa – to acquire Kenyan retailer Naivas

(Reuters) – 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. Company executives revealed yesterday that Massmart/Wal-Mart have met “several important players” in Kenya’s retail industry”. The company’s “interest in investing in Kenya is well known”.

“We expect to sell a majority stake, 50 percent plus one share,” Naivas Chairman Simon Mukuha told reporters, referring to the proposed deal with Massmart/Wal-Mart.