(Ecofin Agency) - South African asset manager Ninety One agreed to sell 24% of the shares it holds in Botswana's consumer goods retailer, Kamoso Africa, to Botswana Development Corporation (BDC).

The announcement comes two years after the asset manager and its partners acquired a majority stake in Kamoso. The operation was at that time the biggest private equity investment in Botswana, according to local media. Ninety One did not provide any detail on the operation.

The buyer BDC is a state-owned investment firm that makes equity investments in various sectors. “The Kamoso Africa Team is excited to welcome the Botswana Development Corporation as one of our key shareholders.

With their intimate knowledge of the Botswana Market, their involvement will further enhance our growth strategy,” said Ian Dewar, CEO of Kamoso.

Since its establishment in 2015, Kamoso, which distributes local and internationally branded consumer goods and food products, has expanded its geographical footprint to six countries in Southern Africa.

Chamberline Moko