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.
The merger will be implemented over a period of approximately 12 months after the legal merger takes effect. Tumaini supermarkets will then trade under the brand name Quick Mart.
The amount of stake acquired by Sokoni Retail, however, remain undisclosed.
“Quick Mart and Tumaini Self Service announce that their respective board of directors have authorised 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.