Kenya’s leading retailer Nakumatt Holdings has started talks with local and foreign investors to sell about 25% of its capital in order to slash its debt which tripled over their past five years.

“The company, based in the capital, Nairobi, is in discussions with foreign and domestic investors that are expected to be concluded within weeks,” Chief Executive Officer Atul Shah said cited by Bloomberg.

“We are negotiating on the price of the stake, so we cannot comment on the value of the business,” He added.

Shah also said Nakumatt increased its number of stores to more than 60 across Kenya, Rwanda, Uganda and Tanzania subsequently causing its debt to rise to an unprecedented amount, Sh15 billion ($148 million) from Sh4 billion in 2010.

“They could have expanded too quickly, but such a level of debt is a surprise because it does not seem like they invested too heavily,” said Eric Musau, a senior research analyst at Standard Investment Bank.