Brookside, New KCC, Redstar International, Kisima Management Limited, Kenindia Insurance, Lemoc Limited, Kevian, Haco Industries are just some of the companies that will have a hard time following up on defaulted payment by Nakumatt.
This is following a reveal that the company that has severally been evicted from rented retail shops is largely Mauritian. Documents filed in court revealed that Nakumatt Supermarkets is a Mauritius-registered company. The finding is a fresh insight into Nakumatt’s ownership, asset base and liabilities.
Widely known to be owned by the Atul Shah family, the chain is owned through a holding company registered in Ebene CyberCity, Mauritius. The firm owns 99.999 per cent of Kenya’s Nakumatt Holding Limited while Mr Shah on the other hand individually owns 0.001 per cent.
Suppliers and creditors attached to the chain store will not only have a hard time pinning it on the ownership twist, but might also not be in a position to attain the retailers property whose majority of it will be used as security for loans leaving little for creditors to recover their dues. As at August owned assets by Nakumatt were worth Sh14.7 billion a drop from earlier in February that saw the worth at sh32.9billion.
This comes after the insolvency petition attracted 90 creditors as Nakumatt requested for the appointment of an administrator until it bounces back financially. This is also amid the striking of a deal with Tuskys that had earlier shown interest in purchasing a 51 per cent stake in Nakumatt but later asked to have two other retailers merged.