The statement in Swahili said the firm had expressed interest to buy a majority stake in Nakumatt Tanzania, with a view of growing its retail business. Carrefour has two retail outlets in Kenya – at the Hub in Karen and the yet to be opened Two Rivers Mall. The firm says that after conclusion of the two deals – with Nakumatt and Carrefour – it will be operating the largest retail network in East African region. At the moment, Nakumatt is the largest retail chain in the region with more than 60 outlets across different countries in East Africa. In addition to the planned sale of Nakumatt Tanzania, the retailer in October said it is in discussions with foreign and domestic investors for the sale of a 25 per cent stake in parent company.

Source: Standard Digital November 16, 2016 16:50 UTC