IBL completes Rs4.59billion deal into Kenyan supermarkets

Following an earlier announcement, IBL’s subsidiary, Mambo Retail Ltd has entered into a share purchase agreement for the acquisition of a stake of 40.0% in Naivas International.

IBL subscribed to 65.8% of Mambo Retail’s capital which represents an effective stake of 26.3% in Naivas International.

The transaction amount is $100million (approximately Rs4.59billion).

The other shareholders are Proparco (a subsidiary of the Agence Franchise de Development) and DEG (a subsidiary of the German KfW group).

Naivas International is a private holding company, incorporated in Mauritius, and invests in the retail sector in Kenya through its wholly owned subsidiary Naivas Limited which is the leading Kenyan retail operator with a chain of modern supermarkets in Kenya.

The Listing Rules and the Listing Division of the Stock Exchange of Mauritius (SEM) has, on 19 August 2022, approved the disclosable transaction circular. This can be consulted on SEM’s website.