Nakumatt plans to sell 25% stake to an investor are underway after former Kilome MP Harun Mwau sold his stake.
Controversial businessman Harun Mwau has sold his stake at Nakumatt Supermarkets.
His move comes as the supermarket chain is looking to sell its 25% of its shares to help it solve its current financial crisis. The business man has 7.7% minority stake in the company while the Shah family owns 92.3%.
With 42 outlets in the country and over 60 outlets in East Africa the supermarket has built its presence as the largest in the region.
However, its debt has almost tripled rising from 15 billion in 2015 while profits have shrunk from over Ksh. 100 million in 2013 to less than Ksh. 30 million.
Back in 2013, the company was valued at Ksh. 40.7 billion. This may have declined in the wake of recent woes but Harun Mwau is still set to get a windfall from the sale of his stake.
According to Forbes the deal is valued at $10 million. This is about Ksh. 100 million which will further push Harun Mwau’s standing as one of the richest individuals in the country.