Nakumatt eyes sale of stake by mid next year, says head of strategy and operations

Mombasa Senator Hassan Omar (right) is taken on a tour of the newly opened Bamburi Nakumatt branch in Kisauni by the retail chain’s Managing Director Atul Shah.

Nakumatt Holdings, East Africa’s biggest retail chain by outlets, expects a ‘strategic’ investor to buy a stake by mid-2015 as it looks to expand in the region, the head of strategy and operations said.

The company, with annual sales of $600 million (Sh54 billion), has held talks with at least two ‘serious investors’ who have shown an interest in partnering with Nakumatt, Thiagarajan Ramamurthy said in an interview on Friday.