A company owned by the family of the late businessman Naushad Merali has signed an agreement to sell its 35 percent stake in Eveready East Africa to Dubai-based InvestAfrica FZCO, cutting its losses in the Nairobi Securities Exchange-listed firm.
In a filing with the Capital Markets Authority, the batteries distributor says its top shareholder East Africa Batteries Limited (EABL) will sell its 73.4 million shares to InvestAfrica in a private transaction.
