Amethis Finance is set to acquire a 30% stake in Naivas, the #1 supermarket chain in Kenya. The deal value has not been disclosed and is likely to depend heavily on Naivas’ debt levels. In 2019 Amethis Finance sold its investment in Côte d’Ivoire’s #2 player, CDCI.

The deal is a major step change for Naivas, which in 2019 became the largest supermarket chain in Kenya. Naivas has expanded rapidly in the past three years to fill some of the space left by the collapse of fellow Kenyan chains Nakumatt and Uchumi. Naivas opened a new store in Mombasa in October and a further store in Embu in late November. In 2019 overall the company planned to add nine new outlets.

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