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World Bank buys Sh. 1.5 billion stake in Naivas supermarket

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Naivas Supermarket Shareholders: The World Bank‘s private lending arm, International Finance Corporation (IFC), has announced that it will acquire a Sh. 1.5 billion stake in Kenya’s Naivas Supermarket.

The IFC forms part of a group of investors who will pump billions of shillings in funding to Naivas. Other investors include private equity fund Amethis Finance.

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in developing countries.

“IFC seeks to make an equity investment alongside Amethis which will result in a minority stake in the company. Naivas is majority owned by the Mukuha family who as part of this transaction will dispose part of their shareholding to a special purpose vehicle owned by IFC, Amethis and other co-investors. The Mukuha family will remain in the business as the main shareholders,” a statement of disclosure from IFC said. Further, the IFC says that the investment wil be aimed at optimizing business operations and strengthening governance structures.

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“IFC will provide a food safety advisory programme that will ensure that the company complies with the Global Good Agriculture Practice (GGAP) that is more stringent than local standards. IFC will also help the company improve environmental and social (E&S) standards across its operations,” IFC said.

Naivas Supermarket, often referred to simply as “Naivas”, is the largest supermarket chain in Kenya. It had 62 outlets as of March 2020. Naivas Limited was registered on 24 July 1990. It previously traded as Rongai Self Service Stores Limited, serving mainly in Rongai in Nakuru County. The company name was changed later to Naivasha Self Service Stores Limited, before re-branding to the current Naivas Limited, in 2007.

In February 2020, the Competition Authority of Kenya (CAK) approved the acquisition of 30 percent of Naivas shareholding by the French equity firm Amethis Finance at an undisclosed sum. Prior to the acquisition of these stakes, Naivas has been running as a privately owned company, whose shares are held by the descendants of its founder Peter Mukuha Kago, who died on 6 May 2010. Naivas Supermarket Shareholders.

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