Nakumatt seeks nod to sell 51pc of Tanzania unit in plan to cut debt

Retail giant Nakumatt is set to sell a 51 per cent stake in its Tanzanian unit for an undisclosed amount as it follows through a recently announced plan to retire its debt load.

Nakumatt, which is Kenya’s largest retailer with 61 stores across East Africa, is reported to have written to Tanzania’s Fair Competition Commission (FCC) about the intended sale.