NAIROBI (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 been looking to gain a foothold in Kenya for some time, where the fast-expanding economy is creating a growing middle class.
Naivas Chairman Simon Mukuha told Reuters that his company expects to sell a stake of 50 percent plus one share.
"They (Massmart) have approached us, the deal is in the pipeline," Mukuhu said, adding that the companies had yet to reach common ground on the price.
A Massmart spokesman was unable to make immediate comment.
Naivas has 28 stores, fewer than than bigger Kenyan rivals Nakumatt and Uchumi Supermarkets, but Mukuha said it aims to open two more outlets by the end of the year.
Source: http://news.yahoo.com/kenyas-naivas-stores-expects-sell-majority-stake-massmart-095558936.html
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