Businessman John Harun Mwau has sold his 7.7 per cent minority stake in Nakumatt Supermarkets ahead of the retail chain’s plan to take on board a new shareholder.
The businessman exited Nakumatt as the retailer admitted to facing a financial crisis occasioned by fattening debts.
According to the Business Daily, Mr Mwau is estimated to have pocketed at Sh. 3.19 billion from the Sh. 40.7 billion valuation the supermarket valued itself three years ago.
The supermarket is the largest retailer in the country with 61 branches situated across the East Africa region and 42 outlets in the country.
The supermarket is majorly owned by the Shah family who held a 92.3 pr cent stake and Mr. Mwau’s 7.7 per cent stake.
About John Harun Mwau
John Harun Mwau was born on 24 June 1948. He is a Kenyan businessman and politician. He is the former Member of Parliament for Kilome Constituency. He is the founding chairman Party of Independent Candidates of Kenya (PICK). He was the first director of the defunct Kenya Anti-Corruption Authority and ran as a Presidential Candidate in the 1992 Kenyan general election. Prior to his career as a politician, he was a sports shooter and competed at the 1968 Summer Olympics and the 1972 Summer Olympics.
