The last two years have been tough for Nakumatt. First came the Thika road demolition, then the downtown fire tragedy and the wetland encronchment claim on westlands Nakumatt Ukay. All these have cost the supermarket chain quite a fortune. Its major recent expansions have been into Kampala and Rwanda, where they seem to be doing well.
In the wake of news that Nakumatt CEO, Mr. Atul Shah, was named one of the top 50 emerging market business leaders by Financial Times, it has emerged that its top management has been resigning over the recent months. Including their media friendly COO, Thiagarajan Ramamurthy.
Probably all this is linked to the incoming new investor, who is set to take up 30% shareholding in the firm at a cost of about US$25 million. The other main shareholders being Mr, Shah - the CEO and Hotnet Ltd – associated with Harun Mwau [Assistant Minister for Transport]. Like many other, Nakumatt’s bid to list on the NSE has taken a back sit until further notice.
In the wake of news that Nakumatt CEO, Mr. Atul Shah, was named one of the top 50 emerging market business leaders by Financial Times, it has emerged that its top management has been resigning over the recent months. Including their media friendly COO, Thiagarajan Ramamurthy.
Probably all this is linked to the incoming new investor, who is set to take up 30% shareholding in the firm at a cost of about US$25 million. The other main shareholders being Mr, Shah - the CEO and Hotnet Ltd – associated with Harun Mwau [Assistant Minister for Transport]. Like many other, Nakumatt’s bid to list on the NSE has taken a back sit until further notice.
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