Kenya: Amethis gets competition regulator’s approval to acquire 30% in Naivas
Monday, 02 March 2020 16:08
On February 28, the Kenya Competition Authority (KCA) gave the go-ahead for the acquisition by Amethis Finance of 30% stake in supermarket chain Naivas.
According to Businessdailyafrica, which reported the news, the regulator required that the new entity complies with all current contracts with suppliers, whatever their duration, and that all existing debts to them be settled.
The entry of Amethis Finance into Naivas' capital should enable it to strengthen its position and embark on a new phase of growth in a distribution market marked by the fall of Nakumatt, the former leader in the sector.
As part of its growth strategy, the group opened its 60th outlet in Nakuru last December and recently bought 6 branches previously owned by Nakumatt for KSh400 million.
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