Naivas siblings have escalated their fight over the multi-billion retailer. This is after one of the siblings, Newton Kagira Mukuha took his siblings to court over the proposed sale of a Sh. 6 billion stake in the retailer.
Mukuha is the eldest of three brothers. Kagira has enlisted the legal services of popular lawyer Ahmednassir Abdullahi’s law firm Ahmednassir Abdullahi Advocates LLP.
In his petition to the court, Kagira argues that the proposed sale is in breach of a November 25, 2021, ruling by the Court of Appeal which prohibited dealings in the disputed shares of Naivas supermarket.
Kagira is further suing his siblings over what he terms as contempt of court pertaining to the proposed sale.
The Mukuha family was set to earn Sh. 5.8 billion from the sale of an extra 11 per cent stake in Naivas Supermarket.
The sale would have seen foreign investors gain a controlling stake in Kenya’s biggest retail chain. At the same time, the deal would have meant that three of Kenya’s most prominent retail supermarkets would now be foreign owned.
Naivas makes Sh. 2.1 billion profit in nine months
This sale was revealed by Mauritian conglomerate IBL Group. The IBL Group is part of a consortium that bought a combined 40 per cent stake in Naivas last year for $151.97 million (Sh. 21.4 billion).
“The company will subscribe to additional shares in Mambo Retail Ltd,” IBL Group had said in a disclosure to its investors.
