World bank buys sh 1 5 billion stake in naivas supermarket

“IFC will provide a food safety advisory programme that will ensure that the company complies with the Global Good Agriculture Practice (GGAP) that is more stringent than local standards. IFC will also help the company improve environmental and social (E&S) standards across its operations,” IFC said.

Naivas Supermarket, often referred to simply as “Naivas”, is the largest supermarket chain in Kenya. It had 62 outlets as of March 2020. Naivas Limited was registered on 24 July 1990. It previously traded as Rongai Self Service Stores Limited, serving mainly in Rongai in Nakuru County. The company name was changed later to Naivasha Self Service Stores Limited, before re-branding to the current Naivas Limited, in 2007.

In February 2020, the Competition Authority of Kenya (CAK) approved the acquisition of 30 percent of Naivas shareholding by the French equity firm Amethis Finance at an undisclosed sum. Prior to the acquisition of these stakes, Naivas has been running as a privately owned company, whose shares are held by the descendants of its founder Peter Mukuha Kago, who died on 6 May 2010. Naivas Supermarket Shareholders.