“Shoprite” Uganda: We won’t sell our business to Nakumatt

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MoneyWeb: Shoprite Holdings, South Africa’s largest grocer, isn’t planning to sell its Ugandan business to Nakumatt Holdings of Kenya and won’t be leaving the east African country.

Shoprite “has no plan to exit the Ugandan market,” Sarita van Wyk, a spokeswoman for the Cape Town-based company, said in an e-mailed response to questions on Wednesday. The retailer, which owns Lugogo Mall and Clock Tower Centre in Uganda, is “continuously investigating new opportunities to expand its business.”

Nairobi-based Business Daily reported earlier that Shoprite may leave Uganda via the sale of its two malls to Nakumatt, East Africa’s biggest retail chain by outlets, citing Thiagarajan Ramamurthy, head of strategy at Nakumatt.

The Kenyan retailer has plans to list on the Nairobi Securities Exchange in the next five years.

Shoprite, which operates in 14 African countries outside of its home market, said Feb. 24 that 14 store openings were planned on the continent beyond South Africa in its second half through June. That will bring the total to almost 200 — about 10 percent of the company’s portfolio.

©2015 Bloomberg News

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