Peter Mukuha Kago family plans to sell 11% stake in Naivas Supermarket to foreign investors for $5.8 billion. For the third time, the Kago family will offer their stock in the retailer for sale. The agreement will see foreign investors assuming ownership of the nationwide grocery chain with over 90 locations.
According to Billionaires Africa, the Mauritian conglomerate IBL would increase its holdings in Mambo Retail, giving it a 51% interest in Naivas. IBL Group was a member of the group that paid $151.97 million (KSh 21.4 billion) in 2022 to buy a 40% share in Naivas.