Competition Authority of Kenya (CAK) has approved the merging process between Tumaini Self Service Limited, which sold a majority of its stake to Sokoni Retail Kenya in December 2018, and Quick Mart.
With the merger in place, Tumaini supermarkets will now trade under the brand name Quick Mart, which will have close to 30 retail outlets by the end of the year.
The merger will be implemented over a period of approximately 12 months after the legal merger takes effect.
The number of stakes acquired by Sokoni Retail, however, remain undisclosed.
“Quick Mart and Tumaini Self Service announce that their respective board of directors have authorized the commencement of a merger and business integration of the two companies. This follows the approval by the Competition Authority of Kenya on August 26,” reads a joint statement issued by Quick Mart managing director Duncan Kinuthia and his Tumaini counterpart Moses Nditika.
Mr. Peter Kang’iri has been appointed as Group CEO and managing director to steer the transition and implement business strategy and expansion.
Credit: Kenyan Wall street