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Naivas pays five times more for Nakumatt assets

A near-empty Nakumatt outlet in Mombasa in 2018. Nakumatt went into voluntary supervision in early 2018 after seeking protection from its creditors. FILE PHOTO | NMG

By  Bonface Otieno

Nation Media Group

Business Reporter

Naivas Supermarket spent more than five times the value of assets the retail chain acquired from rival Nakumatt’s remaining six branches in a deal worth Sh422 million.

Documents released to Nakumatt creditors show that Naivas outbid rivals Chandarana, Tuskys and Quickmart for the remaining assets of the former giant retail chain.

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